Consumer Sentiment Edges Up, Even as Inflation Outlook Worsens

U.S. consumer sentiment continued to improve steadily in October, but households' inflation expectations deteriorated a bit, a survey released on Friday showed.

The University of Michigan's preliminary October reading on the overall index on consumer sentiment came in at 59.8, up from 58.6 in the prior month. The index is now 9.8 points above the all-time low reached in June. Economists polled by Reuters had forecast a preliminary reading of 59.0.

The survey's reading of one-year inflation expectations rose to 5.1% from 4.7% in September. The survey's five-year inflation outlook increased to 2.9% from 2.7% in September.