The consumer mood darkened in early October, as consumers think current economy is worsening, according to a report released Friday.
The Reuters/University of Michigan consumer sentiment index's preliminary reading for October fell to 67.9 from the 68.2 final reading in September and the preliminary September reading of 66.6.
Economists surveyed by Dow Jones Newswires had expected the early-October index to rise to 69.0.
The early-October current conditions index stood at 73.0 down from 79.6 in end-September and 78.4 earlier that month, while the expectations index rose to 64.6 from the September final 60.9 and the September preliminary reading of 59.1.
Here is a chart of Consumer Sentiment, you can see how low it is from a historical perspective. More importantly it peaked back in 1999-2000 and has been in decline ever since.
Click chart for larger image.
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