tellitlikeitis // August 28, 2009 at 1:30 pm
Consumer Mood Hits 4-Month Low in August on Job Worries
Published: Friday, 28 Aug 2009 | 10:52 AM ET Text Size By: Reuters
US consumer confidence fell to its lowest level in four months in August on worries over high unemployment and dismal personal finances, though the mood improved from earlier this month, a survey showed Friday.
The Reuters/University of Michigan Surveys of Consumers said its final index of confidence for August fell to 65.7 from 66.0 in July.
That was the lowest since 65.1 in April but above economists’ expectations for 64.5 and higher than this month’s preliminary reading of 63.2.
“This tells me consumers are still in rebuilding phase,” said Christopher Low, chief economist at FTN Financial in New York. “Investors still have to be worried about the sustainability of the recovery. It’s clear to me that we cannot count on growth through next year as long as consumers are still on the ropes.”