U.S. consumer sentiment nosedives as Delta variant spikes – By Sam Ro (Axios) / Aug 16 2021
Consumer sentiment plummeted in early August, according to a widely followed survey.
Why it matters: Deteriorating sentiment signals trouble for the economy if it means consumers pull back spending.
- Before the August reading, sentiment had generally been improving for much of this year, as the U.S. economy was on a tear going into July. Then COVID infections spiked as the Delta variant spread.
By the numbers: According to preliminary August survey results, the University of Michigan’s consumer sentiment index plunged to 70.2 from 81.2 in July.
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