University of Michigan's Index of Consumer Sentiment posted a final October reading of 63.8, down from September's 67.9; decline was largely driven by higher-income consumers and those with sizable stock holdings

Sample article from our Consumer Wellness

October 27, 2023 (press release) –

Final Results for October 2023

  Oct Sep Oct M-M Y-Y
  2023 2023 2022 Change Change
Index of Consumer Sentiment 63.8 67.9 59.9 -6.0% +6.5%
Current Economic Conditions 70.6 71.1 65.6 -0.7% +7.6%
Index of Consumer Expectations 59.3 65.8 56.2 -9.9% +5.5%


Interest Rate and Price Pressures on Consumers (September 8, 2023)
Revisions to Estimates (October 27, 2023)

Next data release: Friday, November 10, 2023 for Preliminary November data at 10am ET
Surveys of Consumers Director Joanne Hsu
Consumer sentiment confirmed its early-month reading, falling back about 6% this October following two consecutive months of very little change. This decline was driven in large part by higher-income consumers and those with sizable stock holdings, consistent with recent weakness in equity markets. Across all consumers, one-year expected business conditions plunged 16% and expectations over consumers’ own personal finances in the year ahead fell 8%, reflecting ongoing concerns about inflation and, to a lesser degree, uncertainty over the implications of negative news both domestically and abroad.

Year-ahead inflation expectations rose from 3.2% last month to 4.2% this month, the highest reading since May 2023. Long-run inflation expectations edged up from 2.8% last month to 3.0% this month, again staying within the narrow 2.9-3.1% range for 25 of the last 27 months. Long-run inflation expectations remained elevated relative to the 2.2-2.6% range seen in the two years pre-pandemic.

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