Consumer Confidence Drops in October

U.S. consumer confidence fell in October to the lowest level in 17 months, according to the University of Michigan’s latest consumer sentiment index, released Friday.

The final index for October fell to an 80.9 reading — the lowest since May 2006 — from 83.4 in September.

A preliminary October index released two weeks ago showed an 83.8 reading.

Economists had forecast a reading of 82, Bloomberg reported.