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8/13, 4:01 PM (Source: TeleTrader)
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US consumer confidence worsens in August

Consumer Sentiment Index in the United States decreased 13.5% on a monthly basis to 70.2 points in August, according to a preliminary report published by the University of Michigan on Friday. The index declined 5.3% year-over-year.

Current Economic Conditions Index dropped 7.8% month-on-month and fell 6% compared to August 2020. Meanwhile, the Index of Consumer Expectations plummeted 17.5% from the previous month and contracted 4.8% on an annual basis.

"Consumers have correctly reasoned that the economy's performance will be diminished over the next several months, but the extraordinary surge in negative economic assessments also reflects an emotional response, mainly from dashed hopes that the pandemic would soon end," Surveys of Consumers Chief Economist Richard Curtin claimed in the report.

Breaking the News / MS