US consumer confidence shows Americans turned pessimistic
WASHINGTON (AP) - Consumer confidence in the United States declined this month, as Americans turned more pessimistic about the economy, their own finances and government budget policies.
The University of Michigan's final reading of consumer sentiment dropped to 77.5 this month from 82.1 last month. It was the second straight decline after confidence reached a six-year high of 85.1 in July.
A potential budget impasse in Washington, which if unresolved could shut down the federal government on Tuesday, spurred twice as many negative comments about government policy as three months ago, the survey found.
Americans are also less hopeful about their pay cheques. Half of all households expected no pay increase in the year ahead, and a majority expected their income would trail inflation for the next five years.