There was hardly any overlap in the time interviews for the survey were conducted and the recent sell-off in the stock market, so the impact of the sharp stock market pullback could register more noticeably in the final reading for October.
The Current Economic Conditions Index dipped to 114.4 from 115.2.
The Index of Consumer Expectations slipped to 89.1 from 90.5.
The preliminary University of Michigan Index of Consumer Sentiment for October checked in at 99.0 (Briefing.com consensus 100.0) versus the final reading of 100.1 for September.
The October reading is higher than the average reading (98.5) for 2018.The key takeaway from the report is that it revealed some budding concerns about inflation crimping real income expectations, which is something to be watched closely considering spending is driven more by income growth than consumer confidence.