Michigan Consumer Sentiment Rises More Than Expected, But Inflation Fears Persist
2022.10.14 10:55
© Reuters.
By Scott Kanowsky
Investing.com — improved by more than expected in the latest month, according to a closely-watched survey on Friday, but uncertainty loomed over the trajectory for inflation and the global economy.
The preliminary result of the University of Michigan’s consumer sentiment index for October rose to 59.8 from 58.6, bringing the reading up to 9.8 points above an all-time low reached in June. Economists had anticipated the number would come in at 59.0.
However, fears over soaring consumer prices grew, with Americans now expecting higher inflation in both the medium and long terms.
Meanwhile, short- and long-run estimates for gasoline costs increased, reversing an easing in the pressure Americans felt on their wallets at the pump last month.
