U.S. Consumer Confidence Holds Steady in October, Inflation Expectations Remain High

BlockBeats News, October 10th, University of Michigan Consumer Survey Director Joanne Hsu stated that the U.S. consumer confidence remained flat in October. The consumer confidence index recorded 55 points, roughly unchanged from September. This month, consumers had slightly improved views on their current financial situation and the business environment for the next year. However, expectations for future personal finances and assessments of current durable goods purchasing conditions declined, offsetting each other. Overall, consumers believed that the economic outlook had not changed significantly compared to the previous month. Issues such as high prices and weak job prospects, known as "wallet issues," remained consumers' top concerns.

Currently, consumers do not expect these factors to see significant improvement. Meanwhile, interviews show that there is little evidence so far that the ongoing federal government shutdown has altered consumers' views on the economy. In addition, the inflation expectation for the next year has dropped from 4.7% last month to 4.6% this month but remains high. Long-term inflation expectations remain stable at 3.7%. (FXStreet)