U.S Consumer Sentiment Falls

Consumer sentiment plummeted in early August, according to a widely followed survey by the University of Michigan. Prior to August, the mood had been steadily increasing for the majority of the year, as the US economy was roaring into July. Then COVID infections spiked as the Delta variant spread throughout the country. According to the university study, sentiment dropped from 81.2 in July to 70.2 in August. This is worrying some economists, as the sentiment could foreshadow a pullback in consumer spending.