US consumer confidence falls to a decade low in early August – trading season

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The University of Michigan said its initial consumer confidence index fell to 70.2 in the first half of this month (Photo: Photo: Pexels)

US consumer confidence fell sharply in early August to its lowest level in a decade as Americans hesitated on general prospects from personal finance to inflation and employment, a survey showed on Friday.

The University of Michigan said its initial consumer confidence index fell to 70.2 in the first half of this month, from a final reading of 81.2 in July, the lowest since 2011 and one of the six biggest declines in the past 50 years of research. Is. Economists polled by Reuters had expected the index to remain at 81.2.

Economic growth is still expected to accelerate this year at its fastest pace in four decades, after falling into a brief recession in 2020 due to the coronavirus pandemic.

However, the recovery is showing signs of slowing down and Covid-19 cases have doubled in the past two weeks, reaching a six-month peak, as the more transmissible delta variant rapidly spreads across the country. Labor shortages in the services sector also persist, while supply chain disruptions continue.

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About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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