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Consumer Confidence Plummets in August
High unemployment is key among factors weighing down consumer confidence.
Consumer confidence dropped sharply in August to its lowest level in almost two years after improving slightly in July, according to a monthly index released today by The Conference Board.
The Consumer Confidence Index fell to 44.5 in August, down from 59.2 in July as consumers reported increasing pessimism over the job market and business conditions.
“Consumer confidence deteriorated sharply in August, as consumers grew significantly more pessimistic about the short-term outlook,” said Lynn Franco, director of the board’s Consumer Research Center. “A contributing factor may have been the debt ceiling discussions since the decline in confidence was well underway before the S&P downgrade.”
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