Consumer Sentiment Off in October

Ann Arbor, MI, October 29–Consumer sentiment deteriorated in October as rising energy costs and persistent job worries made Americans less optimistic about the future, according to a survey released on Friday.

The University of Michigan’s said its consumer confidence index dropped to 91.7 in October, down from 94.2 in September but higher than a mid-month reading of 87.5, according to market sources who saw the subscription-only report.

Analysts in a Reuters poll had forecast that the index would slip to 88.0. The measure of current conditions climbed to 104.0 from 103.7, while the expectations component slid to 83.8 from 88.0.