- University of Michigan
US consumer sentiment bounced back strongly in October despite headwinds from a strong US Dollar and sluggish demand that weighed on the industrial sector, particularly manufacturing. The University of Michigan said its consumer sentiment index surged to 92.1 in the reported month from 87.2 in September, whereas economists had expected a modest upturn to 89.0. The survey's current conditions sub-index jumped to 106.7 this month from 101.2 in September. Six months out from now, the forecast was 82.7, which was up from the month prior's 78.2, according to the survey's index of expectations. Meanwhile, expectations by Americans for the inflation rate dropped from an expected 2.7% within the upcoming year to 2.8% in September.
In a separate report, the Fed said industrial output declined 0.2% on renewed weakness in oil and gas drilling after sliding 0.1% in August. Industrial production rose at an annual rate of 1.8% in the third quarter. At the same time employers offered 5.37 million vacant positions in August, compared with the market consensus for the 5.58 million job openings, the Labor Department reported. The preceding month's figure was revised to 5.67 million from 5.75 million reported initially.
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