Consumer sentiment suddenly crashes below early-pandemic levels
CNN
Americans are extremely worried about the Delta variant and the spike in Covid-19 cases. A key survey of consumer confidence plunged in August below where it was in April 2020 when the first Covid-19 outbreak slammed the brakes on the US economy.
The University of Michigan said that its influential consumer sentiment index plunged 13.5% from July to August and hit a level of 70.2. That's the most bearish reading for this measure since December 2011. The drop was so precipitous since last month that the University of Michigan has recorded only six bigger monthly drops in the index's nearly 50-year history, including a more than 19% plunge in April 2020 and 18% drop in October 2008 during the height of the Great Recession and Global Financial Crisis.More Related News