Consumer sentiment, home construction down

October 20, 2008 08:49AM

An index tracking U.S. consumer sentiment fell sharply to 57.5 in October, from 70.3 the previous month, according to Reuters and the University of Michigan, who have been tracking the statistic since the 1950s. They also recorded a rise in the number of people saying it was a bad time to purchase a house. At the same time, construction starts for new homes was at a seasonally adjusted annual rate of 817,000, down 6.3 percent from September and down 31 percent from September 2007. This marks the lowest rate it has reached in the past 17 years.

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