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Consumer Confidence Plunges to 10-Year Low on Inflation, Unemployment, Financial Woes

Consumer Confidence Plunges to 10-Year Low on Inflation, Unemployment, Financial Woes
People walk along a shopping street in lower Manhattan in New York City on July 5, 2019. Spencer Platt/Getty Images
Tom Ozimek
Tom Ozimek
Reporter
8/13/2021|Updated: 8/16/2021

U.S. consumer sentiment fell sharply in early August, with a University of Michigan confidence survey plunging to depths not seen in a decade as Americans expressed worry about personal finances, unemployment, and inflation.

The survey, released on Aug. 13, showed that the consumer sentiment index plunged to 70.2 from July’s reading of 81.2, hitting a level not seen since 2011. The 13 percent slide was one the sharpest in percentage terms in the past 50 years, exceeded only by an 18.1 percent drop in 2008 and a 19.4 percent fall in April 2020, when the CCP virus pandemic substantially damaged the U.S. economy.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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inflation
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