Consumer sentiment down in October

NEW YORK While in recent months their had been some hope that consumer sentiment was improving, the latest Reuters/University of Michigan Surveys of Consumers shows that consumers may still lack confidence in the economy.

The Reuters/University of Michigan Surveys of Consumers said its preliminary index of sentiment for October fell to 69.4, from September's 73.5. That was below economists' median expectation of a steady reading of 73.5, according to a Reuters poll.

"While consumers still anticipated gains in the general economy and now think that the unemployment rate is close to its cyclical peak, there has been no improvement in consumers' dismal assessments of their personal financial situation," the report said.