Consumer sentiment remains low

Consumer sentiment remained low in October amid concern over the effects of the government shutdown, trade policies and lingering inflation.

The University of Michigan's monthly Consumer Sentiment Index was little changed at 55 this month from the 55.1 reading in September that marked a three-point drop from the prior month.

"Overall, consumers perceive very few changes in the outlook for the economy from last month," Joanne Hsu, the university’s consumer survey director, said in the report. "Pocketbook issues like high prices and weakening job prospects remain at the forefront of consumers' minds."

Consumers expressed pessimism about current buying conditions for durable manufactured goods, according to the latest survey. Such goods include appliances, furniture and electronics.

The survey's measure of consumer expectations for inflation over the next year ticked down slightly to 4.6% this month from 4.7% in September. Consumers' inflation expectations over the next five years were unchanged from the prior month in October at 3.7%.