US October University of Michigan final value of consumer confidence index is 59.9, the highest level since April, with an expected 59.6, an initial value of 59.8, and a value of 58.6 before September. In terms of sub-index, the final value of the current index was 65.6, a six-month high, with an expected 65, an initial value of 65.3, and a value of 59.7 before September. The final value of the expected index is 56.2, a three-month low, with an initial value of 56.2 and a value of 58 before September.
In terms of inflation expectations that have attracted much attention in the market, the end value of 1 inflation expectations is 5%, expected to be 5.1%, initial value of 5.1%, and 4.7% before September. The rise in short-term inflation expectations stems partly from the rise in natural gas prices in October. The final value of inflation in 5-10 years is 2.9%, the initial value is 2.9%, and the value is 2.9%, and the value is 2.7% before September.
Data on the same day on Friday showed that the Fed's favorite inflation indicator accelerated its upward trend. In September, core PCE price index (excluding food and energy prices) increased 5.15% year-on-year, lower than expected 5.2%, and the value was 4.9% in August, which was the second consecutive month of acceleration. Labor costs continued to accelerate in September, and personal spending remained resilient.
Consumers' assessment of the conditions for purchasing durable goods such as cars and appliances has improved, mainly due to easing supply chain restrictions and falling prices. However, people are even more pessimistic about the business prospects.
, director of the survey of Michigan Consumer Confidence Data, said in a statement that the survey reflects huge uncertainties in global inflation, policy response and development, and consumers agree that the economy will fall into recession in the future.
This Michigan Consumer Confidence Survey Report is the last report before the U.S. midterm elections on November 8. Although the sentiment of the Republican people is still far lower than that of the Democrats, it has risen to its highest level since April. Independent sentiment also hits a six-month high. Meanwhile, Democrats were less optimistic in October.
Consumer confidence affects economic growth in the coming months. Pessimistic consumer sentiment will suppress spending levels and thus affect economic recovery, while optimistic consumer sentiment will help the future economy.
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