00:00It's Benzinga, bringing Wall Street to Main Street.
00:02U.S. consumer sentiment fell for the third consecutive month in October as rising energy
00:07prices from the Middle East conflict increased pressure on household budgets. According to
00:11Reuters, the University of Michigan's Consumer Sentiment Index dropped to 46.3 from 48.1 in
00:17September, missing economists' expectations of 47.8. The measure of current economic conditions
00:24hit a record low of 44.7. Weak consumer sentiment may not lead to a major spending slowdown,
00:29as higher-income households continue to drive spending, while middle- and lower-income households
00:34face financial pressure. A separate University of Michigan report found that 54% of consumers
00:39planned to cut back on items with large price increases, while 16% expected to stop buying
00:44them altogether. Expectations for inflation over the next year rose to 4.7%, while longer-term
00:50expectations climbed to 3.5%. The worsening economic outlook comes ahead of the November 3rd midterm
00:56elections, which will determine control of Congress. For all things money, visit Benzinga.com.
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