U.S. consumer sentiment falls in August to lowest in nearly a decade

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FILE PHOTO: A woman carries Nike shopping bags at the Citadel Outlet mall, as the global outbreak of the coronavirus disease (COVID-19) continues, in Commerce, California, U.S., December 3, 2020. REUTERS/Lucy Nicholson/File Photo/File Photo

(Reuters) – U.S. consumer sentiment declined to its lowest level in nearly a decade in August as consumers’ views of their personal financial prospects continued to worsen, a survey showed on Friday.

The University of Michigan said its consumer sentiment index fell to 70.3 in August – the lowest since December 2011 – from July’s final reading of 81.2. Economists polled by Reuters had forecast a reading of 70.7.

August’s final reading was little changed from the preliminary reading of 70.2 earlier this month.

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