Consumer Sentiment Drops, per Michigan Survey

The University of Michigan’s preliminary October consumer sentiment index dropped to 46.3, down from 48.1 in September, according to its monthly survey. The sharp decline indicates consumer mood weakened during the month, with the headline measure falling by 1.8 points in the preliminary reading. The Michigan survey is designed to capture changes in attitudes toward the economy and personal finances, and the October drop suggests growing caution compared with the prior month. As this is a preliminary estimate, the final figures may adjust, but the direction of change is clear in the early data.