U Mich Consumer Confidence: Off a Cliff in August
- Joshua M Brown
- August 26th, 2011
How was that sideshow in Wyoming today?
Here's what came out of Ann Arbor this morning...
Confidence among U.S. consumers dropped in August to the lowest level since November 2008, pointing to little pickup the biggest part of the economy.
The Thomson Reuters/University of Michigan final index of consumer sentiment fell to 55.7 this month from 63.7 in July. The gauge was projected at 55.8 after a preliminary reading of 54.9, according to the median forecast of economists surveyed by Bloomberg News.
So, ya know...
Ben's magic beans may have made your portfolio look better for a few months, but Ben can't speed up time.
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The Reformed Broker is a blog about financial markets and the economy. Joshua Brown is a New York City-based investment advisor for high net worth individuals, charitable foundations, retirement plans and corporations... More.