Consumer sentiment posts second-lowest reading on record
The University of Michigan's final October consumer sentiment index came in at 48.0, down from 48.1 in September and the second-lowest reading on record, after May's 44.8. Consumers expect 4.7% inflation over the next year, up from 4.6%, and 3.5% over five years. Survey director Joanne Hsu said, "Purchasing power continues to dominate consumer views of the economy."
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Why it matters
The survey measures how Americans feel about their finances and the economy. Consumers now expect prices to rise 4.7% over the next year, and the survey's director says purchasing power is driving their views.
Sources
- Reuters (via Korea Times): US consumer sentiment near record low ahead of midterms
- ABC News: Consumer sentiment nears all-time low ahead of midterms
- TheStreet: Stock market today, Oct. 23, 2026
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