Losing Confidence in the Economy?

The preliminary University of Michigan Consumer Sentiment Index for August had a shocking decline to 70.2 from the final reading of 81.2 for July. That is below the April 2020 low of 71.8 and is one of the largest monthly declines over the past 50 years

The key takeaway from the report is that the plunge in consumer sentiment wasn't just related to concerns about the Delta variant. It was linked to all aspects of the economy, the report said, from personal finances to prospects for the economy, including inflation and unemployment. Moreover, the deteriorating sentiment was seen across income, age, and education subgroups, and observed across all regions.