As concerns about Delta variants continue to intensify, US consumer confidence fell to its lowest point in a decade in August.
The University of Michigan research report had a final reading of 70.3 this month, compared with 81.2 in July. The current reading is lower than the 71.0 expected by the Wall Street Journal.
“The extent of the consumer confidence collapse recorded in late August did not abate in late August,” said Richard Curtin, Survey chief economist.
Consumer confidence fell to a 10-year low this month, and the level of 101 recorded in February 2020 before the start of the major epidemic dropped by 30 points. Consumer expectations have also fallen from 79 to 65.1, and the assessment of current economic conditions has fallen from 84.5 to 78.5.
Curtin said that the collapse does not mean an economic downturn. The pandemic may have affected the decline in American attitudes and sentiments towards spending.
