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U.s. Consumer Confidence Continues To Fall In August

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Consumers' Mood Darkens Despite Hopes For Economy

Published: Friday, 14 Aug 2009 | 9:59 AM ET Text Size By: Reuters

U.S. consumer confidence fell in early August as a growing number of Americans fretted about their finances even though they expected the broader economy to improve, a survey showed Friday.

The Reuters/University of Michigan Surveys of Consumers said its preliminary reading of the index of confidence for August fell to 63.2 from 66.0 in July. This was below economists' median expectation of a reading of 68.5, according to a Reuters poll.

The index of consumer expectations fell to 62.1 in early August, its lowest reading since March and down from 63.2 in July.

"Consumers reported much less favorable assessments of their personal finances even as they were more likely to expect improved conditions in the national economy," the Reuters/University of Michigan Surveys of Consumers said in a statement.

The fewest consumers in the survey's sixty-year history reported improved finances, with many citing job losses, shorter working hours and smaller wage gains, said the survey.

http://www.cnbc.com/id/32416061

Not good news when consumption is the engine of the U.S. economy.

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Don't tell me. It was unexpected. A complete surprise. No one could have foreseen it.

:lol:

Indeed.

This is the "back to school" buying season in the U.S. but the consumer contraction just keeps on going. :ph34r:

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