I don't put much stock in this report as it's highly politicized and we're at the peak of the political cycle.
Here is the commentary in the survey:
Consumer sentiment inched down a meagre 1.2 index points in October,
well within the margin of error, following two straight months of gains.
Sentiment is currently 8% stronger than a year ago and almost 40% above
the trough reached in June 2022. While inflation expectations have
eased substantially since then, consumers continue to express
frustration over high prices. Still, long run business conditions lifted
to its highest reading in six months, while current and expected
personal finances both softened slightly. Despite widespread news
coverage about the Middle East and e, few consumers connected
these developments to the economy. Concerns over these conflicts climbed
this month but were relatively rare, mentioned spontaneously by less
than 5% of consumers. With the upcoming election on the horizon, some
consumers appear to be withholding judgment about the longer term
trajectory of the economy.
This chart speaks to those comments: