Consumer confidence is tanking to a 9 month low. "Unexpectedly."
U.S. consumer confidence unexpectedly weakened
in August to its lowest in nine months as Americans turned more
pessimistic about the short-term outlook, according to a private sector
report released on Tuesday.
The
Conference Board, an industry group, said its index of consumer
attitudes fell to 60.6 from a downwardly revised 65.4 the month before.
Economists had expected an increase to 66, according to a Reuters poll.
It was the lowest level since November. July was originally reported as 65.9.
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