UPDATED:
8/26/2011 10:30:00 AM
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Consumer confidence dropped in August to its lowest level since November 2008, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.
The month’s final index dropped to 55.7, from 63.7 in July.
A preliminary reading two weeks ago showed a reading of 54.9.
The final index was slightly lower than economists’ median forecast of a 55.8 reading, Bloomberg reported.
The index averaged a reading of 89 in the five years leading up to the recession at the end of 2007.
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