Consumer Sentiment in U.S. Unexpectedly Drops as Outlook Sours
- Weakness among households with incomes below $75,000
- Long-term inflation expectations decline to lowest on record
Shoppers and pedestrians pass in front of a store window displaying shoes for sale at the Lincoln Road Mall in Miami Beach, Florida, U.S., on Wednesday, Sept. 21, 2016.
Photographer: Scott McIntyre/BloombergThis article is for subscribers only.
Consumer confidence unexpectedly fell to a one-year low in October as Americans soured on the outlook for the economy amid a contentious presidential election campaign.
The University of Michigan preliminary index of sentiment declined to 87.9 from 91.2 in September, according to a report Friday. That was weaker than the lowest estimate in a Bloomberg survey of economists. Long-term inflation expectations declined to a record low.