Consumer Confidence Falls to Two-Year Low

Consumer confidence fell to a two-year low in July, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The month’s final index fell to a reading of 63.7, the weakest since March 2009, from 71.5 in June.

A preliminary reading two weeks ago showed a reading of 63.8.

The reading was slightly below economists’ median forecast of drop to a 64 reading, Bloomberg reported.

The index averaged a reading of 89 in the five years leading up to the recession at the end of 2007.