Consumer sentiment in the U.S. deteriorated by more than previously estimated in the month of October, according to a report released by Thomson Reuters and the University of Michigan on Friday.
The report showed that the consumer sentiment index for October was downwardly revised to 73.2 from the preliminary reading of 75.2.
With the downward revision, the index is well below September's final reading of 77.5 and at its lowest level since December of 2012.
The sharp monthly drop in consumer sentiment reflected concerns about the impact of the recently concluded government shutdown.
"When asked to describe in their own words what they had heard about recent economic developments, the number of consumers that negatively mentioned the federal government in October was the highest in the more than half-century history of the surveys," survey director Richard Curtin said, according to Reuters.
The report showed that the index of current conditions fell to 89.9 in October from 92.6 in September, while the index of consumer expectations dropped to 62.5 from 67.8.
On the inflation front, the one-year inflation expectation fell to 3.0 percent in October from 3.3 percent in September, and the five-to-10-year inflation outlook dipped to 2.8 percent from 3.0 percent.
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