Uni Michigan confidence index beats expectations in October

The University of Michigan's consumer sentiment index beat expectations in October, data released on Friday showed.

The index fell to a preliminary reading of 92.1 in October from 87.2 in September, compared with analysts' expectations for a 89.0 reading.

"The expectations index is at a level that, historically, has been consistent with real consumption growth of around 4%, which is pretty robust," said Capital Economics' chief US economist Paul Ashworth.

"Otherwise, households’ inflation expectations fell very slightly but, more generally, appear well anchored."