HUFF POST: According to survey data released by Thomson Reuters and the University of Michigan, the mood of the nation’s consumers in August was abysmal, raising concerns about any prospect of an economic turnaround…
According to Reuters, the survey was taken before the historic decision by Standard & Poor’s to downgrade the nation’s credit rating: “Never before in the history of the surveys have so many consumers spontaneously mentioned negative aspects of the government’s role,” survey director Richard Curtin said in a statement.
The drop in consumer sentiment, from 63.7 last month to 54.9, was much greater than economists predicted, according to Bloomberg. Those economists expected the number to fall between 59 and 66.5… (more)
