University of Michigan preliminary October consumer sentiment index fell to 46.3, the lowest since May, the survey showed on Friday. The current economic conditions index dropped to 44.7 from 50.9 in September, a record low. The expectations index rose to 47.3 from 46.3, its first uptick since July. One-year inflation expectations rose to 4.7% (from 4.6%); five- to ten-year expectations edged up to 3.5%, slightly above September. The survey cited high gasoline prices, rising borrowing costs and

University of Michigan preliminary October consumer sentiment index fell to 46.3, the lowest since May, the survey showed on Friday. The current economic conditions index dropped to 44.7 from 50.9 in September, a record low. The expectations index rose to 47.3 from 46.3, its first uptick since July. One-year inflation expectations rose to 4.7% (from 4.6%); five- to ten-year expectations edged up to 3.5%, slightly above September. The survey cited high gasoline prices, rising borrowing costs and slowing hiring as pressures on household finances; survey director Joanne Hsu said the confidence decline was concentrated among low-income households and those with small equity portfolios.