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3.48pm BST

Closing post

Time to wrap up, after another busy week.

Here’s today’s main stories:

Have a lovely weekend. GW

3.47pm BST

US consumer sentiment weakens

US consumer sentiment has unexpectedly fallen for the first time in three months.

The University of Michigan’s gauge of consumer morale has dropped to 68.9 this month, down from 70.1 in September.

Although consumers are more optimistic about the jobs market, they’re less happy about the high cost of living, the survey shows.

Inflation expectations have risen, while a measure of consumers’ perception of their current financial situation hit its lowest level since the end of 2022.

"Strong economy"

University of Michigan consumer sentiment falls to a three-month low of 68.9, below 2020 lows and 2019 levels.

The current conditions index falls to 62.7, from 63.3.
The expectations index slumps to 72.9, from 74.4. pic.twitter.com/bqy7SSh3gb

— Daniel Lacalle (@dlacalle_IA) October 11, 2024

Bradley Saunders, North America economist at Capital Economics, says:

The trivial fall in the University of Michigan consumer sentiment index in October was likely driven in part by Hurricane Helene, although the fall in the expectations index suggests the mood among households may have soured more generally.

In any case, the poor link between confidence and consumption in recent years means consumption growth may not be as weak as suggested.