U.S. consumer confidence fell to 46.3 in October, the economic current conditions index hit a record low, and inflation expectations heated up again.

BlockBeats news, October 9th - U.S. consumer confidence fell further in early October, with consumers' assessments of current economic conditions dropping to the lowest level on record, as persistently high inflation continues to weigh on American households' financial pressures.

The preliminary survey released by the University of Michigan on Friday showed that the consumer sentiment index fell to 46.3 in October, the lowest level since May. Among them, the current economic conditions index dropped sharply from 50.9 in September to 44.7, the lowest level on record. Meanwhile, the consumer expectations index rose from 46.3 to 47.3, the first increase since July.

As gasoline prices remain high, borrowing costs rise, and hiring activity slows, U.S. consumer confidence continues to deteriorate. The survey showed that consumers expect prices to rise 4.7% over the next year, up from 4.6% in September. Long-term inflation expectations for the next 5 to 10 years rose to an annual average of 3.5%, slightly higher than the September level.

Joanne Hsu, director of the University of Michigan consumer survey, said in a statement that this month, confidence indices for low-income consumers and consumers with smaller stock portfolios showed significant declines.