(Washington, DC) -- Consumer sentiment is plummeting to a nine-month low driven primarily by concern over the government shutdown and gridlock on Capitol Hill.
Thompson Reuters/University of Michigan data shows the consumer sentiment index dropped to 75.2 in October, down from 77.5 the month before.
That number fell short of the projected sentiment of 76. Amid the shutdown, the White House and Congress must reach a deal to raise the country's debt ceiling or risk defaulting on America's financial obligations. Uncertainty over the impact a possible default would have on the economy is fueling consumer worries.