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U.S. consumer sentiment falls to two-year low in October

Xinhua, October 28, 2016 Adjust font size:

U.S. consumer sentiment fell in October to the lowest level since October 2014 as consumers have lowered their economic expectations.

The final reading of the consumer sentiment for October decreased to 87.2 from 91.2 in September, said the Thomson Reuters/University of Michigan index of consumer sentiment on Friday.

"The October decline was due to less favorable prospects for the national economy, with half of all consumers anticipating an economic downturn sometime in the next five years," said survey director Richard Curtin in a statement.

Consumers' increasing worries about economy "may simply reflect a temporary bout of uncertainty caused by the election," Curtin added.

"Consumers also anticipate a mild slowdown in job creation that is likely to prevent any further declines in the national unemployment rate," said Curtin.

The sub-index of current conditions, reflecting Americans' perceptions of their financial situation and whether they consider it a good time to buy big-ticket items like cars, slid to 103.2 from 104.2 last month.

The sub-index gauging consumer expectations for six months from now, which more closely projects the direction of consumer spending, fell to 76.8 from 82.7 in September. Endi