Investing.com – U.S. consumer sentiment was revised down slightly more than expected in October, according to a report published on Friday.
The revision of the data for October from the University of Michigan's Consumer Survey Center showed that consumer sentiment dropped to 100.7, from the initial reading of 101.1.
Analysts had forecast a smaller decreased to 100.9.
Despite the fact that the reading was revised more than expected, confidence remained at its highest level in 13 years.
The current conditions index was unexpectedly increased to 116.5, from the prior 116.4. Analysts had expected a tick down to 116.1.
The consumer expectations component showed a more pessimistic outlook with a downward revision to 90.5, compared to the original 91.3. Economists had expected a shallower revision to 91.2.
Meanwhile, inflation expectations for the next 12 months increased to 2.4%, from the prior 2.3%.
However, the five-year inflation expectations were ticked up to 2.5%, from 2.4%.
Following the release, U.S. stocks traded mostly higher. The Dow 30 rose 20 points, or 0.08%, while the S&P 500 traded up 12 points, or 0.47%, while the tech-heavy NASDAQ Composite advanced 97 points, or 1.48%.
In currencies, EUR/USD was trading at 1.1617 from around 1.1582 ahead of the release of the data, GBP/USD was at 1.3111 from 1.3082 earlier, while USD/JPY was trading at 113.81 from 114.09 previously.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 94.79, compared to 95.03 ahead of the report.