Survey: Consumer confidence plummets

NEW YORK Consumer confidence fell to 57.5 in October from 70.3 in September, according to the latest Reuters/University of Michigan Surveys of Consumers index.

The consumer confidence index is at its lowest point since June. According to the University of Michigan, there have been only four surveys that posted monthly declines of 10 index points or more.

According to a Reuters poll, economists on average had expected a reading of 65.5 for the index.