Consumer Sentiment Falls in Early October

Ann Arbor, MI, Oct. 16, 2009--Consumer sentiment pulled back in early October, according to the Reuters/University of Michigan index.

The consumer sentiment index fell to 69.4 from 73.5 in September. The decrease was sharper than expected. The consensus forecast of Wall Street economists was for sentiment to slip to 72.0.

Sentiment had jumped by 8 points last month to its highest level since January 2008. Many economists thought the gain was unsustainable given the tough economic climate and some retreat would occur.

The long-term average of the sentiment index is in the high 80s.