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Friday morning, Reuters and the University of Michigan released their preliminary report on consumer sentiment in the month of October, showing that their consumer sentiment index saw a notable decline compared to the previous month.
The report showed that the consumer sentiment index fell to 69.4 in October from the final September reading of 73.5. Economists had been expecting a much more modest decrease to a reading of 73.3.
A deterioration in consumers' assessment of the economic outlook contributed to the bigger than expected decrease, with the index of consumer expectations falling to 67.6 in October from 73.5 in September.
Richard Curtin, Director of the Reuters/University of Michigan Surveys of Consumers, said that while consumers expect the general economy to improve, most don't expect an improvement in their own finances any time soon.
"The divergence between prospects for the general economy and personal finances is unique in the history of the surveys, and can be expected to have a negative impact on the pace of the recovery," Curtin said.
Consumers were also less optimistic about the current economic situation, as the index measuring current conditions fell to 72.1 in October from 73.4 in the previous month.
The report also showed that one-year inflation expectations jumped to 2.8 percent in October from 2.2 percent in September, while five-year inflation expectations edged up to 2.9 percent from 2.8 percent in the previous month.
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