Consumer sentiment tumbles close to record lows in latest U Michigan survey

Consumer sentiment dropped to a three-year low and close to the lowest point ever recorded by the University of Michigan one month into the government shutdown, with pessimism over personal finances and anticipated business conditions weighing on Americans. The November survey showed the index of consumer sentiment at 50.4, down a startling 6.2% from last month and it plunged nearly 30% from a year ago. “With the federal government shutdown dragging on for over a month, consumers are now expressing worries about potential negative consequences for the economy," said Joanne Hsu, Surveys of Consumers Director at University of Michigan.