Economy

Consumer sentiment measure falls to pandemic-era low, sees one of largest drops on record

0


A key consumer sentiment reading saw a dramatic drop in early August as the delta variant of Covid-19 increased fears about the path of the economy, the University of Michigan said Friday.

The consumer sentiment index tumbled to 70.2 in its preliminary August reading. That is down more than 13% from July’s result of 81.2 and below the April 2020 mark of 71.8 that was lowest of the pandemic era.

It was the lowest reading for the measure since 2011. Economists surveyed by Dow Jones were expecting a reading of 81.3 for August.

And a sudden drop of that magnitude is extremely rare for the index.

“Over the past half century, the Sentiment Index has only recorded larger losses in six other…



Source cnbc.com

0 0 votes
Article Rating

McDonald’s delays return to work for office workers, will require vaccination

Previous article

Activist fund Starboard helps data center firm Cyxtera close its valuation gap via SPAC merger

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Economy