The closely watched consumer sentiment survey from the University of Michigan shows that Americans’ confidence in the economy tumbled in October after two months of small gains, with frustration over high prices to blame.
The University of Michigan’s preliminary consumer sentiment reading, released on Oct. 11, came in at 68.9 for October, a decline from September’s final reading of 70.1. That’s a drop of 1.2 points and lower than market predictions for a reading of 70.8.
While October’s sentiment reading represents a decline from the prior two months, it remains substantially above the record low of 50 it registered in June 2022, a month in which inflation hit a multi-decade high of 9 percent….