Market News / Story
US Consumers Expect Inflation at 4.7%: UMich Survey Shows Second-Worst Print Ever
Benzinga ·
Benzinga reports: American consumers are the gloomiest they’ve been in more than seven decades. That’s according to the University of Michigan’s consumer sentiment index, which fell to 46.3 in the preliminary October reading, from 48.1 in September. Economists expected 47.6. Only May’s 44.8 was lower. Before this year, the record low was 50.0 in June 2022, and before that 51.7 in May 1980. Consumers now expect prices to rise 4.7% over the next year, up from 4.6% in September. That is the…