Inflation and high interest rates continue to weigh on sentiment, U.S. consumer confidence falls to its lowest level since May in October.

Zhito Finance APP has learned that preliminary survey data released by the University of Michigan on Friday showed that U.S. consumer confidence deteriorated further in October, with consumers' assessment of current economic conditions falling to the lowest level in history. Persistent inflationary pressure, high gasoline prices, and rising borrowing costs are further squeezing American household budgets.