The University of Michigan’s consumer sentiment survey released this morning shows that confidence in the recovery dimmed slightly from the mid-August report.
The index, which did rebound from July’s steep and unexpected drop, fell from 69.6 in the preliminary reading two weeks ago to 68.9.
"The good news is that consumers have shown some resilience in the face of slowing economic growth and the media's double-dip drumbeat," Richard Curtin, director of the surveys, said in a statement reported by Reuters.
"The bad news is that consumers expect lackluster income and job growth for an extended period of time," he added.
The lack of any major boost in consumer sentiment seems likely to hinder further gains in consumer spending, which accounts for about 70% of GDP.
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