U.S. Consumer Comfort Slumps in Biggest Two-Week Drop Since 2011
U.S. Consumer Comfort Slumps in Biggest Two-Week Drop Since 2011
(Bloomberg) --
Sentiment among U.S. consumers tumbled for a second week in the largest back-to-back slide since March 2011 as global demand fears sparked stock-market volatility and led to more pessimistic household assessments of the economy and personal finances.
The Bloomberg Consumer Comfort Index decreased 1.7 points to 61.2 in the week ended Aug. 11, according to data released Thursday. That’s the weakest reading since May and followed a drop of 1.8 points in the prior week.
“This week’s survey was in the field during a period of trade tensions and a corresponding fall in the stock market, as well as the announcement of slower second-quarter growth,” Sofi Sinozich, a research analyst at Langer Research Associates, which conducts the survey, said in a statement.
The comfort gauge of the economy dropped to 62.9, the lowest since the week ended June 2. Mounting concerns about deterioration in Asian and European economies may be filtering through into worries about the domestic economy. The comfort measure of the economy has decreased 4.6 points in the last two weeks, the most in two years.
The personal finances index declined to 65.7, the weakest reading since the week ended May 19. The buying climate measure also retreated last week but remains elevated.
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