Consumer Confidence Falls in August

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.