US Consumer Sentiment Revised Up to 48.0 in October, Still Below September

U.S. consumer sentiment deteriorated less than initially estimated in October, with the University of Michigan's consumer sentiment index upwardly revised to 48.0 from a preliminary reading of 46.3. The index remains slightly below September's 48.1, and economists had expected no revision. The unexpected revision partly reflected a larger improvement in consumer expectations, which rose to 48.8 from a preliminary 47.3 and September's 46.3. The current economic conditions index was revised up to 46.7 from 44.7 but is down from 50.9 in September. Surveys of Consumers Director Joanne Hsu said the decline in the current conditions subindex was driven entirely by buying conditions for durables, which plunged 18% on higher interest rates and affordability concerns. Year-ahead inflation expectations ticked up to 4.7% from 4.6%, well above the 3.4% seen in February before the Iran conflict began. Long-run inflation expectations rose to 3.5% from 3.4%.