MetroIntelligence Economic Update by P. DUFFY
Consumer sentiment index falls 8.7 in October, declines 18.8 percent year-on-year
Consumer sentiment fell about 9% below October, erasing about half of the gains that had been recorded since the historic low in June. Year-on-year it is down 18.8%. Overall, declines in sentiment were observed across the distribution of age, education, income, geography, and political affiliation, showing that the recent improvements in sentiment were tentative.
Consumers expect median inflation of 5.1 percent in the year ahead
The median expected year-ahead inflation rate was 5.1%, up from 5.0% last month (although this poll was taken prior to the most recent CPI reading). Long run inflation expectations, currently at 3.0%, have remained in the narrow (albeit elevated) 2.9-3.1% range for 15 of the last 16 months. Those could also decline with a lower increase in the CPI.
Pennsylvania and Florida dominate list of best places to retire for 2022-2023
Two states, Pennsylvania and Florida, dominate the 2022-2023 list of best places to retire. Lancaster, Pennsylvania, ranks as the best place to retire in the U.S. thanks to a high quality of life, a reasonable cost of living and proximity to health care options. The Best Places to Retire ranking includes data about housing affordability, happiness, desirability, retiree taxes, the job market and access to quality health care. These factors are weighted based on a U.S. News online survey of people age 45 and older about their retirement preferences.