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"Consumer sentiment is a lagging indicator," he added.
Consumer sentiment is falling even as retail sales increase.
A separate survey found that German consumer sentiment is at a five-year low.
Job growth and consumer sentiment is up, despite some recent softer manufacturing data reports, he said.
But the dip in consumer sentiment is troubling at this stage of the recovery, analysts agree.
The European auto industry, heavily dependent on consumer sentiment, is already retrenching.
Consumer sentiment is at its lowest since the 2008 global financial crisis.
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Analysts said there were indications that consumer sentiment was picking up.
A University of Michigan report showed that consumer sentiment was at higher-than-expected levels.
The GfK Group, a market research firm, said German consumer sentiment was "stable" in October, while surveys of economic expectations among consumers and businesses improved.
The Thomson Reuters/ University of Michigans final reading on the overall index on Americans'sconsumer sentiment was 84.1 points, slightly below the 84.5 in May.
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