US consumer sentiment in October fell short of expectations due to a weaker confidence in personal finances.

According to a survey released by the University of Michigan on Friday, the preliminary reading of the index of US consumer sentiment in October fell to 99, which is lower than the final reading of 100.1 in September.

Although most economists expected a reading above 100, the slipped consumer sentiment index remained above the average reading of 98.5 during 2018.

The survey also showed that the index of current economic conditions decreased by 0.8 to 114.4. Meanwhile, the index of consumer expectations declined by 1.4 to 89.1 from previous month.

Richard Curtin, chief economist of the survey, said that the small decline was due to less favorable assessments by consumers of their personal finances.

"The downward revisions in the rate of growth in household incomes were accompanied by upward revisions in the year-ahead expected inflation rate, weakening real income expectations," said Curtin.

Although US stock market had experienced a sharp drop this week, the negative impact was not yet reflected in the readings.

"The sharp selloff in equities overlapped interviewing by only one evening, having virtually no influence on the early October data," said Curtin.

The index of US consumer sentiment is one of the main indicators to estimate consumer confidence in the US. The survey considers 500 consumers' outlook on US economy. A declined index could mean a decrease in consumer spending.