Consumer confidence unexpectedly drops

The University of Michigan’s final reading for consumer confidence in the month of August came in at 89.8, lower than economist’s expectations of 90.5.

The number is also lower than the preliminary number of 90.4 from August 12.

This is a decline than the index’s reading of 90 from July.

According to Richard Curtin, chief economist of the survey, the decline mostly came from young people worried about their personal finances.

“Less favourable personal financial prospects were largely offset by a slight improvement in the outlook for the overall economy,” said Curtin in the release. “Most of the weakness in personal finances was among younger households who cited higher expenses than anticipated as well as slightly smaller expected income gains.”

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