Consumer Sentiment Drops, University of Michigan Reports

.S. consumer sentiment fell in October to the lowest level in 13 years, the University of Michigan reported Friday in its monthly consumer sentiment index.

The 74.2 reading fell from September’s 76.9 reading, and was lower than an initial October reading of 75.4 released two weeks ago.

onsumers facing higher energy costs, including gasoline and heating bills, are feeling less confident about their household budgets, Bloomberg reported.