Consumers’ pessimism about the economy has grown significantly this month, according to the University of Michigan’s monthly survey of consumer sentiment.

The survey rated consumer confidence at 68.1 out of 100 in September but found it had fallen to 63 this month. The drop was markedly greater than the 67.2 analysts had predicted.

“Consumer sentiment fell 7 percent this month following two consecutive months of very little change,” survey director Joanne Hsu said in a statement announcing the results.  “Assessments of personal finances declined about 15 percent, primarily on a substantial increase in concerns over inflation.”

Consumers’ expectations for business conditions over the next 12 months plunged 19 percent but remained little changed for the long term, “suggesting consumers believe the current worsening in economic conditions will not persist,” Hsu added.

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