ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
Home Economy

Consumer Sentiment Rose in October

October 30, 2020
Reading Time: 2 mins read

Consumer Sentiment ticked up 1.7 points in October to 81.8, according to the University of Michigan Consumer Sentiment Index. October’s figure is 14.3 points below the October 2019 index. The Current Economic Conditions Index fell 2.2 points to 85.9 and the reading was 24.1 points below the October 2019 index. The Consumer Expectations Index declined 4.8 points to 79.2 and was 5.9 points lower than a year ago.

“Consumer sentiment remained virtually unchanged from the first half of October (+0.6 points) and was insignificantly different from last month’s figure (+1.4 points). Fear and loathing produced this false sense of stability. Fears were generated by rising covid infection and death rates, and loathing was generated by the hyper-partisanship that has driven the election to ideological extremes. Moreover, the impact of the covid virus and the extremes of hyper-partisanship will continue long past next week’s election, with the potential to permanently alter the economic and political landscape. As noted when Trump won over Clinton in 2016, the economic expectations of Republicans and Democrats shifted in opposite directions and by large amounts given that two-thirds of all consumers incorrectly anticipated a Clinton victory. Since a Biden win over Trump (53% vs. 42%) was anticipated in the October survey, it should be no surprise that optimism among Democrats about their future finances rose substantially compared with Republicans. Importantly, for the first time in nearly four years, the financial expectations of Republicans and Democrats were nearly equal (see the chart). Compared with three months ago, the Expectations Index rose by 50% among Democrats but just 7% among Republicans. The outcome of the election can accelerate or narrow these partisan shifts, but unlike the 2016 election, renewed optimism now requires progress against the coronavirus and mitigating its uneven impact on families, firms, and local governments..” said Richard Curtin, chief economist of UM Surveys of Consumers.

Read the University of Michigan Surveys of Consumers release.

Tags: Consumer sentiment
ShareTweetPin

Author

Hugo Dante

Hugo Dante

Hugo Dante is an economist in Washington, D.C. He was previously an economic research specialist at ABA. In addition to the ABA Banking Journal, his writing has appeared in The Hill, The National Interest and Townhall. Views expressed here are his own.

Related Posts

White House pushes state policymakers to restrict ‘junk fees’

White House releases national cybersecurity strategy

Compliance and Risk
March 6, 2026

The White House released its strategy for securing the nation’s infrastructure and private sector against cyber threats.

FS-ISAC issues framework for increasing fraud, cybersecurity team collaboration

Trump signs executive order to combat cybercrime

Compliance and Risk
March 6, 2026

President Trump signed an executive order directing federal law enforcement agencies to develop tools to better combat transnational criminal organizations responsible for cyber scams and fraud, and to establish a program to return seized or forfeited funds from...

IRS issues guidance for ‘Trump Accounts’ for children

IRS proposes regulations to implement Trump Accounts

Human Resources
March 6, 2026

The IRS issued proposed regulations for opening “Trump Accounts” for children and regarding a pilot program for contributing to the accounts.

Consumer credit increased in March

Fed: Consumer credit increased 1.9% in January

Economy
March 6, 2026

Consumer credit increased at a seasonally adjusted annual rate of 1.9% in January, with revolving and nonrevolving credit increasing 4.3% and 1.1%, respectively, according to the Federal Reserve.

Bank economists see emerging risks to growth and inflation

Bank economists: Credit conditions will hold relatively steady over next six months

Economy
March 6, 2026

While credit conditions are expected to continue softening over the next six months as the labor market faces challenges, they will hold relatively steady, according to ABA’s latest Credit Conditions Index.

FATF updates list of jurisdictions with anti-money laundering deficiencies

FATF updates list of jurisdictions with anti-money laundering deficiencies

Compliance and Risk
March 6, 2026

The Financial Action Task Force has updated its lists of jurisdictions with strategic deficiencies in countering anti-money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction.

NEWSBYTES

White House releases national cybersecurity strategy

March 6, 2026

Trump signs executive order to combat cybercrime

March 6, 2026

IRS proposes regulations to implement Trump Accounts

March 6, 2026

SPONSORED CONTENT

How top agricultural lenders are approaching AI, automation and innovation in 2026

How top agricultural lenders are approaching AI, automation and innovation in 2026

March 2, 2026
Top 7 FP&A Trends in Banking for 2026

Top 7 FP&A Trends in Banking for 2026

March 1, 2026
How Instant Payments Can Accelerate B2B Payments Modernization

How Instant Payments Can Accelerate B2B Payments Modernization

February 3, 2026
Digital Banking: The Gateway to Customer Growth and Competitive Differentiation

Digital Banking: The Gateway to Customer Growth and Competitive Differentiation

February 1, 2026

PODCASTS

Podcast: How the SCAM Act would encourage platforms to go after scammers

February 4, 2026

A new kind of ‘community bank’ for small businesses

January 22, 2026

Podcast: A Lone Star banking perspective

January 15, 2026

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2026 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2026 American Bankers Association. All rights reserved.