Revised data released by the University of Michigan on Friday showed U.S. consumer sentiment improved by slightly less than initially estimated in the month of October.
The report said the consumer sentiment index for October was downwardly revised to 95.5 from the preliminary reading of 96.0. Economists had expected the index to be unrevised.
Despite the downward revision, the consumer sentiment index for October was still up from the final September reading of 93.2.
“Sentiment was insignificantly below the mid month level, with the small loss spread over most components of the Index,” said Surveys of Consumers chief economist Richard Curtin.
He added, “The overall level of consumer confidence has remained quite favorable and largely unchanged during the past few years.”
The report said the current economic conditions index rose to 113.2 in October from 108.5 in September, while the index of consumer expectations inched up to 84.2 from 83.4.
With regard to inflation, one-year inflation expectations tumbled to 2.5 percent in October from 2.8 percent in September, while five-year inflation expectations dipped to 2.3 percent from 2.4 percent.
The material has been provided by InstaForex Company – www.instaforex.com