US consumer sentiment slips in October on frustration over high prices
Americans’ outlook on the economy soured a bit after two months of small gains, according to the University of Michigan’s consumer sentiment index, released Friday
WASHINGTON (AP) — Americans’ outlook on the economy soured a bit this month after two months of small gains, according to the University of Michigan's consumer sentiment index, released Friday.
The index slipped to 68.9 in October from 70.1 in September, which had been its highest reading since May. "Consumers continue to express frustration over high prices,” said Joanne Hsu, director of consumer surveys at University of Michigan.
Many consumers appear to be reserving judgement about the economy while they wait for the presidential campaign to finish, Hsu added.
Economists noted that the decline occurred after the Federal Reserve cut its benchmark interest rate in September, while gas prices have steadily fallen and overall inflation has cooled, trends that should boost sentiment.
