The Thomson Reuters/University of Michigan’s preliminary index of consumer sentiment unexpectedly decreased to 67.9 in October from 68.2 a month earlier. The gauge was projected to rise to 68.9, according to the median estimate in a Bloomberg News survey.
Forecasts for the October reading ranged from 64.4 to 73.5. The Thomson Reuters sentiment index averaged 89 in the five years leading up to the recession that began in December 2007 and has yet to reach that level since the recovery began in June 2009.
As the economy grinds to a halt people are still surprised?
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