U.S. consumer confidence unexpectedly declined in August to a nine-month low, repressed by stock volatility and gloomy wage growth perceptions. The University of Michigan preliminary index of sentiment dropped to 79.2, the lowest since November, from 81.8 in July. The median projection in a Bloomberg survey of economists called for an 82.5 reading.
Unstable stock prices, mixed labor market data, and geopolitical instability have shaken consumer confidence, unmitigated by lower energy prices, which have served as a bright spot.
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