Consumer Sentiment Hits 9-Month Low

Consumer sentiment falls to its lowest level since November 2009.
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) -- Consumer sentiment in July hit its lowest level since November

The Thomson Reuters/University of Michigan's index dropped to 67.8 during the month from 76 in June. The preliminary reading was 66.5. Economist forecast an even bigger drop to a reading of 67.

The University of Michigan's gauge of current conditions fell to 76.5 from 85.6, while consumer expectations for six months from now dropped to 62.3 from 69.8.

This report follows another survey released earlier this week by the Conference Board, which also showed U.S. consumer confidence hitting a five-month low. Its index declined to to 50.4 in July from 54.3 in June, missing economists' estimates of 51.

-- Reported by Jeanine Poggi in New York.

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