According to BlockBeats, Joanne Hsu, director of the University of Michigan's consumer survey, reported that U.S. consumer confidence in October remained stable, with the index recording 55 points, nearly unchanged from September. This month, consumers showed improved perceptions of their current personal financial situation and the business environment over the next year. However, expectations for future personal finances and evaluations of current conditions for purchasing durable goods declined, offsetting each other. Overall, consumers believe the economic outlook has not significantly changed compared to last month.
High prices and weak employment prospects continue to be the primary concerns for consumers, who do not anticipate significant improvements in these areas. Interviews indicate that there is little evidence so far that the ongoing federal government shutdown has altered consumer views on the economy. Meanwhile, inflation expectations for the next year have slightly decreased from 4.7% last month to 4.6% this month, though they remain elevated. Long-term inflation expectations remain stable at 3.7%.
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