Consumer sentiment around the U.S. dipped in October, sinking to a five-month low as Americans fret over a stalling job market and stubbornly high inflation, new private economic data shows.

The University of Michigan's preliminary October sentiment index, released Friday, shows consumer sentiment fell 0.1% on a monthly basis, from 55.1 points in September to 55. While the drop was nominal, it represents the third consecutive month the confidence measure, which is closely watched by investors, has declined.

"The net percentage of households expecting the unemployment rate to rise over the next year dipped to 48% in October, down from the recent high of 53% in September, but still a far bleaker picture than at the start of the year and historically consistent with a sharp rise in jobles

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