Consumer Sentiment in U.S. Fell in August to Nine-Month Low

[Purveyor]

Source: Bloomberg

By Nina Glinski Aug 15, 2014 10:28 AM ET

American consumer confidence unexpectedly declined in August to a nine-month low, repressed by stock volatility and gloomy wage growth perceptions.

The Thomson Reuters/University of Michigan preliminary index of sentiment dropped to 79.2, the lowest since November, from 81.8 in July, according to data issued today. The median projection in a Bloomberg survey of 63 economists called for an 82.5 reading.

Unstable stock prices, mixed labor market data, and geopolitical instability have shaken consumer confidence, unmitigated by lower energy prices, which have served as a bright spot.

“Beyond current events, we have this underlying pessimism about future wage growth that is inhibiting stronger gains in consumer confidence,” Dana Saporta, director of U.S. economic research at Credit Suisse in New York, said before the report. “The recent uptick in the unemployment rate probably didn’t help.”

Read more: http://www.bloomberg.com/news/2014-08-15/consumer-sentiment-in-u-s-fell-in-august-to-nine-month-low.html

[DonViejo]

1. Interesting....

It's August 15th but Bloomberg and associates announce consumer confidence "fell in August to Nine-Month Low." I guess that right around Thanksgiving it will be announced that Christmas holiday shopping is at it's lowest in 100 years

[Purveyor]

2. This isn't the Bloomberg 'comfort index' that I would never put in LBN.

The Thomson Reuters/University of Michigan sentiment gauge is fairly well regarded.

Of course, just like polling if one doesn't like the result the automatic response is the snark/trash the source.

[DonViejo]

3. I'm not trashing the source...

I'm criticizing an announcement that says August was bad being made before the month is even over. This is the type announcement one expects in September, no?