Consumer confidence down 3rd straight month

The University of Michigan reported that its index of consumer confidence dropped down to 73.2 from 77.5 in September. In July, the index hit a 6 year high of 85.1. The study pointed out that many American's feel the government has become the primary obstacle to economic growth. The recent confusion over the debt limit and shutdown has really created a negative attitude in shoppers that may be reflected in poorer holiday sales this year. The study reported that American's expectations for future growth fell to it lowest point since late 2011.