Economic Confidence Drops To 3-Year Low As Americans Worry About Government Shutdownhttps://t.co/VcoUG6DfEV https://t.co/ikB0oLdWgh ...

Core Insights - Americans' views on the U.S. economy have deteriorated to their lowest level in months, primarily due to rising prices and inflation concerns [1][5] Consumer Sentiment - Consumer sentiment decreased from a preliminary reading of 55.1 to 53.6 in October, marking the lowest reading since May and falling below Wall Street's expectations [2][3] - The sentiment regarding current economic conditions dropped from 60.4 in September to 58.6 in October, the lowest since August 2022 [3] Inflation Expectations - Americans expect prices to increase by 3.9% over the next five to ten years, up from a 3.7% forecast in September, and anticipate a 4.6% rise over the next year, slightly down from 4.7% [3] Price Increases - The Bureau of Labor Statistics reported a 3% increase in prices from September, with gas prices rising by 4.1%, the largest monthly increase among tracked items [4] Economic Optimism - The decline in economic optimism is attributed to consumer frustration with persistent high prices, with about half of respondents indicating their personal finances have worsened [5] - There is a perception of few material changes in economic circumstances from September to October, with inflation remaining a primary concern [5] Labor Market Concerns - Economic confidence has declined, with only 27% of consumers stating that jobs are "plentiful," the lowest since February 2021 [7] - The labor market appears to have worsened, with estimates suggesting only 17,000 jobs were added in September, and a reported decrease of 32,000 in private-sector payrolls [8] Federal Reserve Outlook - The Federal Reserve is expected to lower interest rates by a quarter-point to between 3.75% and 4% in its upcoming meeting on October 29 [6]

Economic Sentiment - Economic confidence hits a five-month low [1] - Consumers are 'frustrated' with high prices [1]

The economy is roaring, incomes are rising, and small business confidence is at the highest level in over a decade. So the confidence levels which they do, which mean something they think over the last ten years, I don't think they go beyond that. We have the highest level of confidence in our economy.Gasoline prices are way down. Grocery prices are way down. Energy prices are way down. Mortgage rates are down.We have a real stiff at the Federal Reserve. I can't help them. But he's going to be leaving soon. ...