Consumer Sentiment Index Shows Record Decline

U.S. consumer confidence fell this month in the largest decline since data began in 1978, according to the Reuters/University of Michigan’s final monthly consumer sentiment index, released Friday.

The October reading fell to 57.6 from 70.3 in September, signaling spending will continue to weaken, the group said.

Economists had expected the reading to fall to 57.5, Bloomberg reported. The sentiment index averaged 85.6 last year.