A significant gloom enveloped American households in October as expectations for business conditions plunged and consumers increasingly worried that inflation is hurting their personal finances.
This is the worst reading since May and much lower than expected. Sentiment had held steady in July and August at a level not seen since last December. The decline was significant in both the gauge of current conditions and expectations for the future. Nearly all demographic groups registered a decline in sentiment, reflecting widespread unhappiness with still high inflation.
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