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A report from
the University of Michigan revealed on Friday the preliminary reading for the
Reuters/Michigan index of consumer sentiment increased 1.0 percent m-o-m to 81.2
in early October. This was the highest reading since March.
Economists had expected the index would edge up to 80.5 this month from September’s final reading of 80.4.
According to the report, the index of current U.S. economic conditions dropped 3.3 percent m-o-m to 84.9 in October from 87.8 in the previous month. Meanwhile, the index of consumer expectations climbed 4.2 percent m-o-m to 78.8 this month from 75.6 in September.
“Slowing employment growth, the resurgence in covid-19 infections, and the absence of additional federal relief payments prompted consumers to become more concerned about the current economic conditions”, noted Surveys of Consumers chief economist, Richard Curtin. “Those concerns were largely offset by continued small gains in economic prospects for the year ahead,” he added.