Sunday, Jul 31, 2016
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Economy

Consumer confidence index shows drop

WASHINGTON — Consumers’ optimism about the economy unexpectedly dropped this month after hitting a six-year high in July as worries increased about government efforts to boost the economy, according to survey results released Friday by the University of Michigan and Thomson Reuters.

The widely watched consumer confidence index was at 82.1 in August, down from 85.1 the previous month. The reading still was up sharply from a year earlier, when it was 74.3, and indicates increased consumer spending in the coming months.

The Michigan/​Reuters survey found consumers’ views of current economic conditions and their outlook for the coming months slipped as they anticipated battles over government spending in Washington and a decision by the Fed about reducing its stimulus efforts.

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