Consumer Confidence Index Falls to 44.5

The consumer confidence index sank to 44.5 in August from a downwardly revised 59.2 last month, the Conference Board reported Tuesday.

Economists polled by Thomson Reuters predicted the index would be 52.0.

The present situation index dipped to 33.3, while the expectations index plunged to 51.9.

“The index is now at its lowest level in more than two years (April 2009, 40.8),” said Lynn Franco, director of the board’s Consumer Research Center. “A contributing factor may have been the debt ceiling discussions since the decline in confidence was well underway before the S&P downgrade. Consumers’ assessment of current conditions, on the other hand, posted only a modest decline as employment conditions continue to suppress confidence.”

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