U.S. Consumer Confidence Index Falls to 46.3 in October, a Five-Month Low

The preliminary value of the U.S. Consumer Confidence Index for October dropped to 46.3, the lowest since May, and below economists' forecast of 47.6. The present situation index fell from 50.9 last month to 44.7, marking a historical low. The expectations index rose from 46.3 to 47.3, the first increase since July. Consumers expect prices to rise by 4.7% over the next year, slightly higher than last month's 4.6%; the average annual price increase expectation over the next 5 to 10 years is 3.5%, also slightly above September's expectation. The survey leader noted that confidence among low-income consumers and those with smaller stock portfolios has significantly declined, while the confidence of Democratic and Republican supporters has been offset by a decline in independent voters' confidence. Consumers across all political affiliations believe the economic outlook has weakened compared to the beginning of the year before the outbreak of the conflict in Iran.

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