US Consumer Confidence Drops to Five-Month Low in October as Inflation Expectations Rise

US consumer confidence slipped at the start of October as inflation continued to pressure households, with views on current economic conditions falling to a historic low. The University of Michigan's Friday survey showed the initial consumer confidence index dropped to 46.3, the lowest since May and below economists' median forecast of 47.6. The present situation indicator fell from 50.9 last month to 44.7, setting a new record low. Expectations rose to 47.3 from 46.3, marking the first increase since July. Consumers expect prices to rise by 4.7% over the next year, slightly higher than last month's 4.6%, and anticipate an average annual price increase of 3.5% over the next five to 10 years, also slightly above September expectations. (Cailianshe)