U.S. Consumer Sentiment Slumps Much More Than Expected In August

India, Aug. 14 -- Preliminary data released by the University of Michigan on Friday showed consumer sentiment in the U.S. has deteriorated by much more than anticipated in the month of August.

The University of Michigan said its consumer sentiment index tumbled to 51.0 in August after surging to 55.2 in July. Economists had expected the index to dip to 54.2.

"Although the early-month weakening in sentiment was pervasive across various demographic groups, notably large reductions were seen among older consumers, lower-income consumers, and those without a college degree," said Surveys of Consumers Director Joanne Hsu.

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