The University of Michigan-Thomson Reuters consumer sentiment survey fell in January, according to preliminary results.
The preliminary January index dropped to 71.3 compared to December’s final 72.9 level, the survey indicated.
Economists polled by CBS MarketWatch “expected a preliminary January reading of 74.2,” and that the fall-off in consumer attitude was due to “concern lingering over remaining major fiscal issues, such as the debt ceiling.”
The sentiment gauge looks how consumers view their personal finances, business conditions an their own buying conditions, and averaged about 87 in the year before the most recent recession.