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Economy in Brief

Michigan Consumer Sentiment Down
by Tom Moeller October 12, 2007

The University of Michigan's preliminary reading of consumer sentiment in early October fell 1.7% to 82.0 after no change in September and a huge 7.7% drop in August. The decline exceeded Consensus expectations for a reading of 84.0.

Lower consumer expectations accounted for all of the fall. The decline offset a slight improvement in September.

Long term, expectations about personal finances and business conditions during the next year fell for the sixth month this year out of ten. Expectations about business conditions rose slightly but hardly offset huge declines in the prior two months.

The view of the current economic conditions improved due to a slight increase in the view of current personal finances. The perspective of current buying conditions also improved slightly.

The assessment of government policy in October recovered the declines during the prior two months.

The University of Michigan survey is not seasonally adjusted.The reading is based on telephone interviews with about 500 households at month-end.
University of Michigan October (Prelim.) September October  y/y 2006 2005 2004
Consumer Sentiment 82.0 83.4 -12.4% 87.3 88.5 95.2
   Current Conditions 98.2 97.9 -8.5% 105.1 105.9 105.6
   Expectations 71.6 74.1 -15.6% 75.9 77.4 88.5
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