MI Sentiment Index Unexpectedly Fell in August

Confidence among consumers unexpectedly fell in Aug for a 2nd consecutive month as concern over jobs and wages grew. The Reuters/U of MI preliminary index of consumer sentiment decreased to 63.2, the lowest level since March, from 66 in July. The measure reached a 3-decade low of 55.3 in Nov. The worst employment slump in 7 decades has caused salaries to stagnate, rocking even Americans who still have jobs. The need to rebuild savings after the record drop in wealth from the dive in stocks and home values will keep limiting spending in coming months.