The Consumer Confidence Index fell to 44.5 percent in August, a drop of nearly 15 points from a revised 59.2 in July. The Associated Press reported on August 30, 2011, that the sharp deterioration marked the lowest level for the number since the 40.8 reading in April 2009. Analysts had expected 53.3, according to the AP.
The AP attributed the decline to a number of factors, including the Standard and Poor’s downgrading of the U.S. federal debt on August 5, 2011, and the Dow Jones industrial average’s four consecutive days of 400-point swings for the first time in its 115-year history during the following week.
Consumers’ views on jobs are souring too with the unemployment rate stuck at 9 percent, according to the AP. The number of those who classify jobs as “hard to get” increased from 44.8 percent to 49.1 percent while the number identifying jobs as “plentiful” decreased from 5.1 percent to 4.7 percent.
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Benjamin Brand Services – Chicago bankruptcy lawyers