U.S. Consumer Sentiment Virtually Unchanged In October

(RTTNews) - A report released by the University of Michigan on Friday showed its reading on U.S. consumer sentiment was virtually unchanged in the month of October.

The University of Michigan said its consumer sentiment index edged down to 55.0 in October from 55.1 in September. Economists had expected the index to slip to 54.2.

"Improvements this month in current personal finances and year-ahead business conditions were offset by declines in expectations for future personal finances as well as current buying conditions for durables," said Surveys of Consumers Director Joanne Hsu.

She added, "Overall, consumers perceive very few changes in the outlook for the economy from last month."

The report said the current economic conditions index crept up to 61.0 in October from 60.4 in September, while the index of consumer expectations slipped to 51.2 in October from 51.7 in September.

On the inflation front, the University of Michigan said year-ahead inflation expectations ebbed to 4.6 percent in October from 4.7 percent in September. Long-run inflation expectations held steady at 3.7 percent.

"Inflation expectations for both time horizons are about midway between the readings seen a year ago and the highs seen this year in April and May in the wake of the initial announcements of major tariff changes," said Hsu.