August UMich consumer sentiment tumbles to 54.9

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August UMich consumer sentiment tumbles to 54.9 (by Ruth Mantell)

WASHINGTON (MarketWatch) -- A gauge of consumer sentiment tumbled to 54.9 in August -- the lowest level since May of 1980 -- from 63.7 in July, according to the gauge from Thomson Reuters/University of Michigan released Friday. Stocks experienced extreme volatility during the survey period for the preliminary August reading. Also, with a tough employment environment and discord in Washington, consumers have been concerned about current and future economic conditions. The sentiment reading, which covers how consumers view their personal finances as well as business and buying conditions, averaged about 87 in the year before the start of the most recent recession.

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