University of Michigan: Consumer Sentiment Hits 5-Month Low


   
Karim Bastati
DTN Analyst

   VIENNA (DTN) -- U.S. consumer sentiment in October was little changed from 
last month, with the Index of Consumer Sentiment dropping to a five-month low 
55.0, compared to September's reading of 55.1, according to preliminary data 
from the University of Michigan's Surveys of Consumers released this morning. 
Year-over-year, the index was down 14.5 points, or 22%.

   The Index of Consumer Expectations, which reflects the economic outlook over 
the next 12 months, fell by 0.5 points to 51.2, a 1% decrease from September 
and down 30.9% compared to the same month last year. 

   The Current Economic Conditions Index, measuring sentiment about personal 
finances and buying conditions, rose to 61.0 in October, 0.6 points, or 1%, 
above the level reported in September, but down 6% year-over-year. 

   "Improvements this month in current personal finances and year-ahead 
business conditions were offset by declines in expectations for future personal 
finances as well as current buying conditions for durables," said Surveys of 
Consumers Director Joanne Hsu.

   "Pocketbook issues like high prices and weakening job prospects remain at 
the forefront of consumers' minds. At this time, consumers do not expect 
meaningful improvement in these factors," Hsu continued.




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