World, Americas

US consumer sentiment declines in October

Delta variant, supply chain shortages, reduced labor force continue to dim spending into 2022, chief economist says

Ovunc Kutlu   | 15.10.2021
US consumer sentiment declines in October A shopping cart outside a market in Washington, United States on October 12, 2021. ( Yasin Ozturk - Anadolu Agency )

ANKARA

US consumer sentiment decreased in October, according to data released by the University of Michigan on Friday.

The index of consumer sentiment declined by 1.4 points to 71.4 last month, according to preliminary results from a survey compiled from around 500 consumers. The index stood at 72.8 in September.

The index of current economic conditions also fell by 2.2 points to 77.9 in October, down from 80.1 in September.

The index of consumer expectations decreased as well, by 0.9 point to 67.2, from 68.1, during that period.

"The Delta variant, supply chain shortages, and reduced labor force participation rates will continue to dim the pace of consumer spending into 2022," Richard Curtin, the chief economist with Surveys of Consumers, said in a statement.

The final October data for the indices will be released on Oct. 29 by the University of Michigan.

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