U.S. Consumer Sentiment: October 2026 Final Report

The University of Michigan’s final October consumer-sentiment index came in at 48.0, barely below September’s 48.1. The headline number suggests stability, but it sits 10.4% below the reading a year earlier.

The current-conditions index dropped from 50.9 to 46.7. The expectations index moved the other way, rising from 46.3 to 48.8. Together, those movements show why a nearly flat overall measure can conceal a changing balance of views.

Survey director Joanne Hsu attributed the current-conditions decline to a deterioration in buying conditions for durable goods amid interest-rate and affordability concerns. Expectations for inflation over the next year edged up from 4.6% to 4.7%.

Reuters described the release as the last Michigan sentiment reading before the November 3 midterms, with affordability central to the campaign. Its account reported that independents drove the month’s deterioration, while sentiment among Democrats and Republicans improved. It also placed October above the record low reached in May but below the levels recorded before the Iran conflict. These details make the survey more useful than a single national number. They show households arriving at a similar overall assessment through different changes in outlook, and explain why the result attracts attention from both economic policymakers and campaign strategists.

These are survey responses about the economy and expected prices. They do not measure the exact change in your grocery bill or establish what inflation will be next year. The next preliminary release is scheduled for November 6.