U.S. consumers’ moods took a negative turn early this month, as the unemployment rate, at its highest level in 26 years, heads towards 10%. The preliminary index of consumer sentiment, produced by Reuters and The University of Michigan, fell 8.76% to 64.6, compared to 70.8 in June.
This number also disappoints economists who, on average, expected to see a figure to the tune of 70.5. The index is reflecting consumers’ increasing uneasiness about a prolonged economic recession, a wobbly job market and a substantial depletion in their wealth.
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