Getty Images Shoppers at the opening of H&M's first location in Vermont on October 11, 2018 in Burlington, Vermont.
The numbers: The University of Michigan consumer sentiment index in October fell to a reading of 99 from 100.1 in September.
Economists polled by MarketWatch expected a 100.6 reading.
What happened: The index is just above the 2018 average of 98.5, and there was a slight deterioration in both the expectations and current conditions gauges. Still, the headline index was the second-strongest since April and near the highest levels of the post-recession era.
One key caveat — most of the survey was taken before the recent nosedive in the Dow Jones Industrial Average DJIA, +1.18% .
The big picture: With an unemployment rate of just 3.7%, the jobs picture is translating into confidence by consumers.
Market reaction: U.S. stocks SPX, +1.49% rallied Friday after a tumultuous week punctured by concerns over rising interest rates, among other factors.
