"Concerns over Inflation Weigh on US Consumer Sentiment in October"
U.S. consumer sentiment dropped sharply in October to its lowest level since May, according to the University of Michigan's gauge. The preliminary reading of 63 fell short of economists' expectations of 67.4. Inflation expectations also rose, with Americans expecting overall inflation to reach 3.8% in the next year, the highest level since April. Concerns over inflation and expected business conditions contributed to the decline in consumer sentiment.