Authors: Rebecca Fenton
(YONKERS, N.Y.) -- August’s Consumer Reports Index -- a measure of overall consumer sentiment -- fell to its lowest level since December 2009 in the wake of Washington’s indecision surrounding the debt ceiling debate.
The index dropped to 43.4, down sharply from July’s 48.5. The figures are representative of the percentage of people who say they were financially better off versus worse off than they were in 2010.
“The Consumer Reports Index shows no clear signs pointing to an economic recovery any time soon,” said Ed Farrell, director of the Consumer Reports National Research Center. “Too many households are feeling financial pain and more jobs were lost than created. Unfortunately, the burden of this bad economy has fallen on the households that earn less than $50,000 a year. They’re the ones having trouble finding new jobs, paying bills and affording health care.”
The Consumer Reports Index report comprises five key indices: the Sentiment Index, the Trouble Tracker Index, the Stress Index, the Retail Index and the Employment Index.
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