U.S. Consumer Confidence Plunges as Economic Concerns Persist

Consumer confidence has taken a significant dip in August, with the University of Michigan’s final sentiment index falling to 58.2 from July’s 61.7, the lowest point in three months. This decline reflects heightened pessimism about the current economic climate, driven by factors like rising prices and ongoing geopolitical uncertainty. 63% of consumers surveyed predict an increase in unemployment over the next year, a trend suggesting further economic vulnerability.