US: UoM Consumer Confidence Index edges down to 98.6 in October (final) from 100.1

The University of Michigan's Consumer Sentiment Index fell to 98.6 in October's final reading and fell short of the market expectation of 99. 

Key takeaways

• The Consumer Sentiment Index has been higher thus far in 2018 (98.5) than in any prior year since 2000, which was the last year of the longest expansion since the mid-1800s.
• Importantly, stock price declines, rising inflation and interest rates, and the negative mid-term election campaigns, have not acted to undermine consumer confidence.
• The pace of growth in real personal consumption can be expected to average 2.6% during late 2018 and into the first half of 2019.

October (final) results

• Index of Consumer Sentiment at 98.6 vs 100.1 in September.
• Index of Current Economic Conditions at 113.1 vs 115.2 in September.
• Index of Consumer Expectations at 89.3 vs 90.5 in September.