The University of Michigan’s preliminary October consumer sentiment index reading was 57.5, posting its largest-ever drop from the final September 70.3 reading , preliminary September 73.1 reading, and the final August 63.0 reading, according to market sources.
Economists polled by Thomson Reuters had predicted a 66.0 reading for the index.
The expectations index was 56.7, compared to 67.2 last month, 70.9 earlier in September, and 57.9 in August.
The current conditions index was 58.9, a record low, and compared to 75.0 last month, 76.5 at mid-month, and 71.0 in August.
