CHICAGO, Oct. 25 (Xinhua) -- U.S. Consumer sentiment remained at very favorable levels during October, according to a survey released on Friday by the University of Michigan (UM).
The Consumer Sentiment Index rose to 95.5 in October 2019, between September's 93.2 and last October's 98.6, the survey showed.
The Expectations Index rose slightly to 84.2 in October but remained well below last year's 89.3. The Current Conditions Index rose to 113.2, nearly identical to last October's 113.1, and well below the March 2018 peak of 121.2.
The reason behind the strong sentiment was because consumers have been focusing on a favorable outlook of income and job growth, while negative factors like trade and the GM strike were downplayed by the consumers, said UM economist Richard Curtin, director of UM Surveys of Consumers.
Curtin said the optimism that prevailed among consumers would be most vulnerable to potential threats that could significantly weaken job and income prospects.
"Favorable trends in job and income prospects stand in sharp contrast to overall declines in home and vehicle buying attitudes over the past few years," he said. "The mismatched trends in personal finances and buying conditions has resulted in the lackluster pace of spending during this expansion."
The index of U.S. consumer sentiment is closely watched by economists and analysts as an indicator to estimate consumer confidence in the United States.
