US consumer confidence fell in early August, to a decade low

por ivan suli

Aug 13 (Reuters) – Consumer confidence in the United States fell sharply in early August, to its lowest level in a decade, as Americans offered a staggering outlook on everything from personal finance to inflation and economic growth . A survey showed Friday.

The University of Michigan said its initial consumer sentiment index fell to 70.2 in the first half of the month, from a final reading of 81.2 in July.

This is the lowest level since 2011 and one of the six biggest declines surveyed in the past 50 years. Economists polled by Reuters had forecast the index to remain unchanged at 81.2.

Economic growth is still expected to accelerate this year at its fastest pace in four decades, after slipping into a brief recession in 2020 due to the coronavirus pandemic.

However, the recovery is showing some signs of cooling and COVID-19 cases have doubled in the past two weeks to hit a six-month peak as the more communicable delta variant spreads rapidly across the country. .

Labor shortages in the services sector also persist, while supply chain disruptions continue.

(Reporting by Evan Sully and Lindsay Dunsmuir; Editing in Spanish by Carlos Serrano)