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Reuters/U of Mich Surveys of Consumers drops to 57.5 in Mid-Oct
Consumer confidence suffered its steepest monthly drop on record in October, a survey showed on Friday, as the worst financial crisis since the Great Depression sent shocks waves through the economy.The Reuters/University of Michigan Surveys of Consumers said its index of confidence plummeted to 57.5 in October from 70.3 in September.
"Consumer confidence in early October registered its largest monthly decline in the history of the surveys," the report said.The index is now at its lowest since June this year. The report said there have only been four surveys that posted monthly declines of 10 index points or more.
Posted: October 17, 2008 Friday 10:05 AM