WASHINGTON – Plummeting stock prices have taken a toll on U.S. consumer confidence, though there are signs the setback may be temporary.
The University of Michigan says its consumer sentiment index fell to 91.9 this month from 93.1 in July. The index is still up 11.4 percent from a year ago.
The figures provide an early read of the impact on consumers from the 1,900 point drop in the Dow Jones industrial average over six days through Tuesday. Stock prices have since recovered some of those losses.
The University of Michigan surveys consumers throughout the month and so some of the responses were tallied as the stock market plunged.
Even so, the survey also found that Americans remain confident about the U.S. economy and their personal finances.