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April 29, 2005 10:30 AM, EDT

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he University of Michigan's final consumer sentiment index for April dropped to 87.7, the third straight monthly decline and the lowest level since September 2003.

The index fell from a preliminary reading of 88.7 issued April 15 and was down from 92.6 in March. The drop was greater than the 88.8 level analysts had projected, Bloomberg reported.

The consumer expectations index, based on optimism about the next one to five years, fell to 77, from 82.8 in March. The preliminary reading had been 79.

The university's index of current conditions, which reflects Americans' perceptions of their financial situation and whether it's a good time to make big purchases, declined to 104.4 in April from 108 in March.

The index is based on a phone survey of about 500 households.