The first Oct UoM confidence figure was almost 3 pts below expectations at 57.5 and down from 59.4 in Sept. It’s the 2nd lowest reading since Mar ’09 but as seen in today’s Retail Sales data and the Aug upward revision, how people feel doesn’t always equate to how they behave. Current Economic Conditions fell about 1 pt to 73.8 and the Economic Outlook was down by 2.4 pts to 47.0, the lowest since 1980. Coincident with the recent decline in gasoline prices, one year inflation expectations fell to 3.2% from 3.3% and are the lowest since Dec.
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