Consumer Sentiment in U.S. Declines to a Three-Month Low
Source: Bloomberg
August 28, 2015 — 10:00 AM EDT
Updated on August 28, 2015 — 10:37 AM EDT
Consumer confidence declined in August to a three-month low as recent stock-market turbulence weighed on Americans’ outlook for the U.S. economy in the coming year.
The University of Michigan consumer sentiment final index for the month fell to 91.9 from 93.1 in July. The median projection in a Bloomberg survey of economists called for a reading of 93, little changed from the preliminary reading of 92.9. A measure of prospects for the economy over the next 12 months was the weakest since November.
Confidence withered in the second half of the month after U.S. stocks plunged on concerns about the Chinese economy. A resilient labor market and cheaper fuel may nonetheless keep sentiment from slumping, which will bolster consumer spending.
“The stock-market decline may be showing up in the data,” Gus Faucher, an economist at PNC Financial Services Group Inc. in Pittsburgh, said before the report. Still, with steady job gains, “we will see generally improving sentiment over the course of 2015, particularly once the stock market settles down.”
Read more: http://www.bloomberg.com/news/articles/2015-08-28/consumer-sentiment-in-u-s-declined-in-august-to-three-month-low
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