CONSUMER CONFIDENCE FALLS OFF THE CHART

Confidence among U.S. consumers plunged in August to the lowest level since May 1980, adding to concern that weak employment gains and volatility in the stock market will prompt households to retrench. “We’re really at the bottom of the barrel right now,” an economist at FTN Financial  said before the report. “Americans are feeling an increasing level of frustration with their leaders in Washington. We’re also seeing a slew of weaker than expected economic reports.”

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