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The University of Michigan’s consumer sentiment index was revised up to 48.0 in late October 2026, from a preliminary reading of 46.3, but it remained at its lowest level in five months. Improvements in sentiment among Republicans and Democrats were offset by weakening sentiment among independents.
Assessments of year-ahead business conditions rose by roughly 14%, yet the index was still 16% below its October 2025 level. At the same time, the decline in the Current Conditions subindex was driven entirely by views on buying conditions for durable goods, which fell 18% amid higher interest rates and mounting concerns about affordability.
Purchasing power continues to shape consumers’ views of the economy: overall sentiment now stands 10% below its level a year ago and 15% below its reading in February, just before the Iran conflict.
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Year-ahead inflation expectations inched up to 4.7% from 4.6% in September, while long-run inflation expectations also rose, to 3.5% from 3.4%.
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