Published On: Fri, Aug 13th, 2021

Consumer Confidence Plunges to 10-Year Low on Inflation, Unemployment, Financial Woes

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U.S. consumer sentiment fell sharply in early August, with the University of Michigan confidence survey plumbing depths not seen in a decade as Americans expressed worry about personal finances, unemployment, and inflation. The survey, released on Aug. 13, showed that the consumer sentiment index plunged from July’s reading of 81.2 down to 70.2, hitting a level not seen since 2011. The 13 percent slide was one the sharpest in percentage terms in the past 50 years, exceeded only by an 18.1-percent drop in 2008 and a 19.4-percent fall in April 2020, when the CCP (Chinese Communist Party) virus pandemic threw the economy into a tailspin. Richard Curtin, the survey director, said in a statement that “the losses covered all aspects of the economy, from personal finances to prospects for the economy, including inflation and unemployment.” The drop in sentiment was broad based, observed across all regions, and widespread across income, …

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