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Monday, October 19, 2009

Consumer Sentiment Sluggish

Reuters details Friday's Michigan Consumer Sentiment release:

U.S. consumer sentiment fell unexpectedly this month on persistent worries that the "dismal" state of personal finances would not recover quickly from the worst recession in decades, a report showed on Friday.

The Reuters/University of Michigan Surveys of Consumers said its preliminary index of sentiment for October fell to 69.4, from September's 73.5. That was below economists' median expectation of a steady reading of 73.5, according to a Reuters poll.

The report said diverging prospects for the general economy and personal finances would have a negative impact on the pace of the recovery, with consumers eager to increase their savings and pay down debts.