US consumer sentiment fell in October to a five-month low, as worries persisted about stubbornly high prices and the impact on their finances. The final October sentiment index fell to 53.6 from 55.1 in September, a deterioration from the preliminary reading, according to the University of Michigan. A measure of current conditions dropped to the lowest since August 2022. MetLife Investment Management Chief Market Strategist Drew Matus believes that the soft CPI report is hinting towards a K-shaped economy, causing signs of stress among upper end consumers. According to Matus these consumers have a high level of job separation anxiety leading to a pull back on personal expenses, saying ‘if you’re not going to buy a cup of coffee you’re not going to buy a car.” He joined Carol Massar and Tim Stenovec on ‘Bloomberg Businessweek Daily’ to break it down.
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