US consumer sentiment ticks up in October but remains subdued

US consumer sentiment improved a touch in October, but remained subdued, according to a final reading from the University of Michigan.

The Michigan consumer sentiment index rose to 59.9 from 58.6 in September, but was down from 71.7 in October 2021. The figure was in line with the preliminary reading.

The current economic conditions index printed at 65.6 in October, up from 59.7 a month earlier but down from 77.7 in October 2021.

The index of consumer expectations fell to 56.2 from 58.0 in September, but was below October 2021’s reading of 67.9.

Surveys of Consumers Director Joanne Hsu said: "With sentiment sitting only 10 index points above the all-time low reached in June, the recent news of a slowdown in consumer spending in the third quarter comes as no surprise.

"Given consumers' ongoing unease over the economy, most notably this month among higher-income consumers, any continued weakening in incomes or wealth could lead to further pullbacks in spending that would reinforce other risks of recession."