Consumer Sentiment Drops, University of Michigan Reports

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.S. consumer sentiment fell this month to a reading of 75.4, its lowest level in more than 13 years, following Hurricanes Katrina and Rita, according to the University of Michigan’s monthly consumer sentiment index released Friday.

The figure fell from September’s 76.9 reading, which had been the biggest one-month drop since 1980, Bloomberg reported.

The pessimism was enhanced by rising fuel prices and economic concerns over the fallout from the two big storms, which pummeled the Gulf Coast and its oil-producing facilities, Bloomberg reported.

A median estimate of economists was for the reading to rise to 80, and economists are forecasting a rise in the coming months, Bloomberg said.