New York, NY, Oct. 28--Consumer confidence in the economy dropped in October to its lowest levels since 1993. The University of Michigan's report on consumer sentiment for the entire month of October decreased to 80.6 from 86.1 in September, according to people who had seen the report. The Michigan data are released only to subscribers. Economists had expected a reading of 81.3.
The University of Michigan's index of current conditions ebbed to 92.4 for October versus 95.8 in September.
Meanwhile, consumers' outlook about the future also suffered. The expectations gauge moved to 73.1 for October, down from the 79.9 at the end of the last month.
Confidence levels have been under considerable pressure in recent months, and came under more pressure earlier this month, partly due to weak economic data and a variety of worries related to overseas events like the possible war on Iraq.
Earlier this week, Federal Reserve Bank of Minneapolis president Gary Stern expressed general optimism that the economy should be moving around a 3% growth rate over coming quarters.
He added that household spending looked solid to him, saying, "Consumers, when they are voting with their dollars, remain pretty confident."
