The University of Michigan Consumer Sentiment Index fell to 63.0 for the October survey compared to 68.1 in September.
The result of the survey conducted on October 11th was in all probability influenced by events in the Middle East and ongoing strikes in the automobile and other industries. Sentiment would also have been affected by concern over dysfunction in the House. This chamber of Congress has been without a speaker for two weeks and therefore inactive in the face of global and economic challenges.
The Index for Current Economic conditions deteriorated from 71.4 in September to 66.7 in October but was up 1.7 percent Y-O-Y. The Index of Consumer Expectations fell from 66.0 in September to 60.7 for the current month although optimism in an improving economy is reflected in a Y-O-Y improvement of 8.0 percent.