University of Michigan consumer sentiment dipped to 48.0 in October from
September's final 48.1, the survey released Friday showed. A REUTERS SURVEY of
economists had forecast 46.3, the same as October's preliminary read. October's
print is the second-lowest on record, above only May's 44.8 low that followed
the outbreak of war with Iran. Respondents cited higher prices linked to the
Middle East conflict; cost-of-living concerns have pushed household outlooks
negative ahead of the midterm elections. U-M survey director Joanne Hsu said
purchasing power remains the dominant factor; the index is about 10% below a
year ago and roughly 15% below February levels before the Iran conflict.
