U.S. Consumer Sentiment In October Improves Less Than Previously Estimated

(RTTNews) - Consumer sentiment in the U.S. improved by less than previously estimated in October, according to a report released by the University of Michigan on Friday.

The report said the final reading on the consumer sentiment index for October came in at 90.0 compared to the preliminary reading of 92.1.

The index remains above the final September reading of 87.2, although economists had expected the index to be upwardly revised to 92.5.

The downward revision to the headline index came as the final reading on the current economic conditions index came in well below the preliminary reading.

The current economic conditions index for October was downwardly revised to 102.3 from 106.7, but it remains above the final September reading of 101.2.

The index of consumer expectations climbed to 82.1 in October from 78.2 in September and was only slightly below the preliminary reading of 82.7.

Richard Curtin, the survey's chief economist, said, "The average level of the Sentiment Index thus far in 2015 (93.1) is higher than any other year since 2004 (95.2)."

"More importantly, future financial prospects were viewed more favorably by all households in October than any time since 2007," he added.

On the inflation front, the report said one-year inflation expectations edged down to 2.7 percent in October from 2.8 percent in September, while five-to-ten-year inflation expectations dipped to 2.5 percent from 2.7 percent.