U.S. consumer sentiment took a huge hit in October
On the heels of the 16-day government shutdown, US consumer sentiment took a huge hit in October. From Reuters:
The Thomson Reuters/University of Michigan’s final reading on the overall index on consumer sentiment fell to 73.2 in October from 77.5 in September and was the lowest final reading since December 2012.
The October figure was lower than both the 75.0 forecast by economists in a Reuters poll and the mid-month preliminary reading of 75.2.
Here’s what consumer sentiment has looked like over the last six years:
On a related note, Sober Look noted last week that the Gallup economic confidence index was at its lowest since 2011:
Gallup reported earlier this month that the first week in October was the largest drop in consumer confidence since the week Lehman Brothers collapsed in September 2008. Grim stuff.