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Economic Report: Lack of wage growth brings down consumer sentiment in October

Bloomberg News
Shoppers walk past stores at the Fashion Outlets of Chicago mall in Chicago

The numbers: The final reading of the University of Michigan’s consumer-sentiment index in October was 98.6, marginally below September’s level of 100.1. The initial reading was 99.

Economists expected a reading of 99.

The closely watched inflation expectations number — inflation expectations over the next five to 10 years — rose to 2.4% from the preliminary reading of 2.3%. Federal Reserve officials put emphasis on this series.

What happened: It looks like dismal wage growth was weighing on consumers, according to researchers.

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