Consumer confidence in the US was revised upwards

The consumer confidence index measured by the University of Michigan in the USA was revised upwards in the final data for October and stood at 48.

The University of Michigan published the final results of the consumer confidence index for October, which evaluates the economic trends of American consumers.

According to the announced data, the consumer confidence index decreased by 0.1 points in October compared to the previous month, reaching 48.

The leading data of the index for October was announced as 46.3.

Thus, consumer confidence fell to the lowest level in the last 5 months, remaining slightly below the level of 48.1 recorded in September.

The current economic conditions index, which reflects American consumers' evaluations of the current economic situation, decreased by 4.2 points on a monthly basis in October, falling to 46.7.

The consumer expectations index, which measures consumers' predictions about future economic conditions, increased by 2.5 points to 48.8 in the same period.

Inflation expectations continued to rise

US consumers' short-term inflation expectation increased from 4.6 percent to 4.7 percent in October.

The rate in question remained above the 3.4 percent level recorded in February, before the start of tensions between the USA and Iran, and the values ​​​​seen throughout 2024.

Long-term inflation expectation also increased from 3.4 percent to 3.5 percent in the same period.

Thus, long-term inflation expectations continued to remain above the levels between 2.8 percent and 3.2 percent recorded in 2024.

Both short- and long-term inflation expectations increased for the second month in a row, reaching their highest levels since May.

"Consumer confidence is 10 percent lower than last year"

Joanne Hsu, Director of Consumer Surveys at the University of Michigan, stated in her evaluation of the data that consumer confidence decreased to a limited extent in October.

Hsu stated that although business conditions expectations for the next 12 months improved by approximately 14 percent, they remained 16 percent below the level in the same period last year.

Pointing out that purchasing power continues to be a determining factor in consumers' economic evaluations, Hsu said, "Consumer confidence is 10 percent lower than a year ago and 15 percent lower than in February, the period just before the tension with Iran."