US consumer sentiment weakens in October

U.S. consumer sentiment fell sharply in October as households anticipated higher inflation over the next year, a survey showed on Friday. The University of Michigan's preliminary reading on the overall index of consumer sentiment came in at 63.0 this month compared to 68.1 in September. "Nearly all demographic groups posted setbacks in sentiment, reflecting the continued weight of high prices," Joanne Hsu, the director of the University of Michigan's Surveys of Consumers, said in a statement.