WASHINGTON (MarketWatch)
A gauge of consumer sentiment fell to a preliminary October reading of 75.2 -- the lowest since January -- from a final September reading of 77.5, according to reports
Economists polled by MarketWatch had expected an October reading of 75 for the University of Michigan/Thomson Reuters consumer-sentiment index, due to concern over the government shutdown, looming debt ceiling and stock volatility
Economists watch sentiment levels to get a feeling for the direction of consumer spending
A gauge of consumer sentiment fell to a preliminary October reading of 75.2 -- the lowest since January -- from a final September reading of 77.5, according to reports
Economists polled by MarketWatch had expected an October reading of 75 for the University of Michigan/Thomson Reuters consumer-sentiment index, due to concern over the government shutdown, looming debt ceiling and stock volatility
Economists watch sentiment levels to get a feeling for the direction of consumer spending
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Consumer sentiment lowest since January
But decline ‘surprisingly small,’ says economist
WASHINGTON (MarketWatch)
A gauge of consumer sentiment fell this month to the lowest reading since January as Congress squabbled over spending, according to data released Friday.
The preliminary October reading University of Michigan/Thomson Reuters consumer-sentiment index was 75.2, down from a final September reading of 77.5.
Economists, who watch sentiment levels to get a feeling for the direction of consumer spending, had expected a slightly worse level of 75, according to a MarketWatch poll.
Considering the large fiscal issues looming in the U.S., October’s sentiment drop was “surprisingly small,” Richard Curtin, the survey’s director, said, according to Reuters.
“The muted response may be due to consumers giving progressively less credence to the economic scare tactics that have framed the debates over the past few years,” Curtin said.
Interestingly, gauges of consumers’ expectations and their views on the current economy diverged. The expectations barometer fell to 63.9 in October from 67.8 in September, while the index of their views on current conditions ticked up to 92.8 from 92.6.
There’s concern that the spending impasse in Washington will start taking a heavy toll on consumers. There’s already been some disruption to the housing market, with lenders unable to access verification information for some mortgages. Consumers who are worried about whether their elected leaders will, say, default on debt and send global financial markets into panic, may also worry over their personal financial future and hesitate to make large purchases.
The budget impasse comes at a challenging time for the economy. Jobs have been growing for years, but too slowly to lead to a healthy drop in the unemployment rate. The housing market is also expanding, but the rebound has shown some signs of cooling due to higher mortgage rates.
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