By Ed FranklSentiment among U.S. consumers fell more than expected in mid-October, with concerns growing about inflation, as respondents showed little confidence in an economic rebound. The preliminary reading of the consumer sentiment index declined to 63.0 in early October from 68.1 in September. But long-run expectations were little changed, suggesting consumers believe current worsening of economic conditions won't persist, she added. The survey showed consumers' expectations of inflation rose in October, with respondents expecting inflation to average 3.8% over the next 12 months and 3.0% in the next five years, compared with 3.2% and 2.8%, respectively, when asked in September. The Federal Reserve keeps a close watch on inflation expectations.

Source: Wall Street Journal October 13, 2023 20:46 UTC