Americans’ moods soured this month, largely due to a wobbly stock market. The University of Michigan’s latest consumer survey showed that sentiment declined 6% this month, according to a final reading released Friday, though sentiment is 6.5% better than it was a year ago. The survey also showed that Americans became more pessimistic about the economy’s outlook for the year ahead. “This decline was driven in large part by higher-income consumers and those with sizable stock holdings, consistent with recent weakness in equity markets,” Joanne Hsu, the university’s Surveys of Consumers director, said in a release. For more CNN news and newsletters create an account at CNN.com

Source: CNN October 27, 2023 14:57 UTC