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Consumer sentiment inches up in October

U.S. consumer sentiment inched up in October, but missed expectations, according to a report released on Friday.

The Thomson Reuters/University of Michigan's final October reading on the index was 90.0. That was higher than the previous month's reading of 87.2, but missed Reuters' estimates for 92.5.

"The entire October rebound from September was due to gains in confidence among lower income households, while confidence among households with incomes in the top third of the income distribution retreated a bit due to concerns about financial markets. Nonetheless, the overall impact from volatile stock prices has been quite small," said Surveys of Consumers Chief Economist Richard Curtin in a statement.

"While these favorable trends will keep the pace of growth in consumer spending at 2.9% in 2016, consumers will continue to make increases in their buying plans contingent on the availability of price discounts and low interest rates," according to the statement. "Indeed, it was consumers' disappointment with available price discounts that was responsible for the small retrenchment in confidence in the last half of October."