U Mich Consumer Confidence: Off a Cliff in August

How was that sideshow in Wyoming today?

Here’s what came out of Ann Arbor this morning…

From Bloomberg:

Confidence among U.S. consumers dropped in August to the lowest level since November 2008, pointing to little pickup the biggest part of the economy.

The Thomson Reuters/University of Michigan final index of consumer sentiment fell to 55.7 this month from 63.7 in July. The gauge was projected at 55.8 after a preliminary reading of 54.9, according to the median forecast of economists surveyed by Bloomberg News.

So, ya know…

Ben’s magic beans may have made your portfolio look better for a few months, but Ben can’t speed up time.