Preliminary results for month from University of Michigan survey show dramatic decline in consumer views on the economy.
The University of Michigan Index of Consumer Sentiment in mid-August was 70.2, down 13.5% from July and down 5.3% from August 2020 and critically below April 2020 at the start of the pandemic. Consumer sentiment is a key driver of major spending decisions like automobile purchases.
According to Surveys of Consumers chief economist, Richard Curtin, over the past half century, the Sentiment Index has only recorded larger losses in six other surveys, all connected to sudden negative changes in the economy. The
Subscribers need to be logged in to see rest of this article. Please Login to access. If you're not a subscriber, click here for information on our satisfaction guaranteed subscription options.