October 14, 2022
(press release)
–
Preliminary Results for October 2022 Read our October 7th report, Confidence in Financial Institutions. Surveys of Consumers Marks Leadership Change Surveys of Consumers Director Joanne Hsu
Oct
Sep
Oct
M-M
Y-Y
2022
2022
2021
Change
Change
Index of Consumer Sentiment
59.8
58.6
71.7
+2.0%
-16.6%
Current Economic Conditions
65.3
59.7
77.7
+9.4%
-16.0%
Index of Consumer Expectations
56.2
58.0
67.9
-3.1%
-17.2%
Next data release: Friday, October 28, 2022 for Final October data at 10am ET
Consumer sentiment is essentially unchanged at 1.2 index points above September, in spite of a 23% improvement in current buying conditions for durables owing to an easing in supply constraints. Sentiment is now 9.8 points above the all-time low reached in June, but this improvement remains tentative, as the expectations index declined by 3% from last month. Continued uncertainty over the future trajectory of prices, economies, and financial markets around the world indicate a bumpy road ahead for consumers.
The median expected year-ahead inflation rate rose to 5.1%, with increases reported across age, income, and education. Last month, long run inflation expectations fell below the narrow 2.9-3.1% range for the first time since July 2021, but since then expectations have returned to that range at 2.9%. After 3 months of expecting minimal increases in gas prices in the year ahead, both short and longer run expectations rebounded in October.
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