Consumer Sentiment Index Shows Record Decline

U.S. consumer confidence rose this month compared with August but was down slightly from a preliminary reading two weeks ago, according to the Reuters/University of Michigan’s preliminary monthly consumer sentiment index, released Friday.

The September reading rose to 70.3 from 63 in August, after a preliminary reading of 73.1 earlier in the month, the group said.

Economists had expected the reading to rise to 70.8, Bloomberg reported. The sentiment index averaged 85.6 last year.