On October 12, 2024, a survey by the University of Michigan revealed that U.S. consumer sentiment has decreased, with the preliminary index reading at 68.9, down from 70.1 in September. This decline reflects ongoing consumer frustration over high prices, despite a reduction in inflation expectations.
The survey indicated that one-year inflation expectations rose to 2.9% from 2.7% in the previous month, while the five-year outlook slightly decreased to 3.0%. The report suggests that consumers may be hesitant to make long-term economic judgments as the upcoming election approaches.