Consumer confidence plunged in August, according to the Conference Board, as Americans’ expectations on future business conditions, jobs and income fell.
The Conference Board reported that its consumer-confidence index fell to 44.5 in August, the lowest level since April 2009 and down from July’s 59.2 mark.
"A contributing factor may have been the debt ceiling discussions since the decline in confidence was well underway before the S&P downgrade," said Lynn Franco, Conference Board consumer research director.