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US Reuters/Michigan Consumer Sentiment Index beats expectations in October - ING

FXStreet (Łódź) - Rob Carnell from ING comments on the preliminary US Reuters/Michigan Consumer Sentiment Index for October which climbed to 86.4 from 84.6 in September, against forecasts of a drop to 84.1.

Key quotes

"That said, with gasoline prices dropping sharply, and initial jobless claims reaching lows not seen for years, we had felt that a rise was the more likely outcome – so this is not all that surprising."

"The breakdown of the survey suggests that economic conditions remain unchanged from the previous month, with the index unchanged at 98.9, but the economic outlook has improved markedly, from 75.4 to 78.4."

"Recent stock market volatility may take some of the shine off sentiment by the time the final reading is out, but this is still a good reading, and supportive of robust consumer spending in the months ahead."

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