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While Reuters and the University of Michigan released a report on Friday showing an upward revision to their reading on consumer sentiment in the month of October, the index still came in below the final reading from September.
The report showed that the consumer sentiment index was revised up to 70.6 from the preliminary October reading of 69.4, although it remained below 73.5 in September. Economists had been expecting the index to be revised up to a reading of 70.0.
Both the index measuring current conditions and the index of consumer expectations were upwardly revised from their preliminary readings, contributing to the bigger than expected upward revision to the headline index.
The current conditions index for October was revised up to 73.7 from the preliminary reading of 72.1, coming in slightly above the September reading of 73.4.
While the expectations index was also revised up to 68.6 from the preliminary October reading of 67.6, it remained well below the reading of 73.5 recorded for September.
The decrease in the expectations index compared to the previous month came as most consumers don't expect an improvement in their own finances despite expectations of a turnaround by the general economy.
The report also showed that one-year inflation expectations in October were revised up to 2.9 percent from 2.8 percent, above 2.2 percent in September. Five-year inflation expectations were unrevised at 2.9 percent but up from 2.8 percent in the previous month.
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