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Michigan Consumer Sentiment Rises More Than Expected, But Inflation Fears Persist

AuthorScott Kanowsky
Published 10/14/2022, 10:25 AM
Updated 10/14/2022, 10:27 AM
© Reuters.

By Scott Kanowsky 

Investing.com -- Consumer sentiment in the U.S. 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.

Latest comments

Most US consumers are utterly clueless as to what's going on in the world or the fact that the global financial system is about to totally collapse. They're a little happier over the past few months for two main reasons - there are still jobs out there at present (but openings are shrinking rapidly) and the price of gasoline has come down significantly from the Summer highs  -this latter aspect is going to disappear fast - the prices have been artificially kept down by Biden using up vast amounts of the Strategic reserves for political gain - meanwhile OPEC plus are going to keep cutting production every time prices drop due to weak demand - And we're about to have a cold bleak winter where fuel / energy around the world will be in very short supply and therefore prices will sky rocket keeping inflation up nice and high and gas prices at the pump at new all time highs - especially after the election when Biden will be restocking the Strategic supplies at very high prices.
Good thing you have it figured out. You should publish a newsletter or run for president.
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