Wilbur Ross quits Ocwen Financial

Wilbur Ross quits Ocwen Financial

Distressed asset investor bringing his magic to Bank of Cyprus

Dustin Johnson levels blockbuster claims at title attorneys

Is Nat Hardwick the fall guy?

CFPB proposes 7 big changes to foreclosure process for mortgage servicers

Adds guidance on extended borrower protections
W S

Consumer sentiment plummets nearly nine points

/ Print / Reprints /
| Share More
/ Text Size+

Consumer sentiment plummeted significantly this past month, reaching 2008 recession levels, according to the preliminary Reuters/University of Michigan index report for the month of August.

The index score fell to 54.9, down from 63.7 in July.

Analysts forecasted a sentiment index level of 63, with the preliminary reading falling nearly nine points as the financial markets dealt with a confluence of negative factors, including wrangling over the nation's debt ceiling, concerns about the European debt crisis and slow job growth.

The index score is the result of 500 interviews with the households of ordinary Americans.

Econoday analysts consider consumer sentiment readings a significant economic barometer since consumer spending accounts for more than two-thirds of the overall American economy.

Write to: Kerri Panchuk.

Recent Articles by Kerri Panchuk

Comments powered by Disqus