CONSUMER CONFIDENCE FALLS TO 9-MONTH LOW

Joe lewis iron fist detroit michiganREUTERS/Rebecca CookA 24-foot long cast bronze arm and fist monument to boxer Joe Louis is seen hanging from a balance suspension on Jefferson Ave at Woodward in downtown Detroit, Michigan.

Consumer confidence has deteriorated in the past month.

The University of Michigan’s consumer confidence index fell to a nine-month low of 79.2 in August from 81.8 in July.

Economists were expecting an increase to 82.5.

The current conditions index improvewd to 99.6 from 97.4.

But in more worrisome news, the outlook index fell to 66.2 from 71.8.

Markets aren’t reacting to the news. The Dow is up 53 points (+0.3%) and the S&P 500 is up 8 points (+0.4%).

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