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U.S. Michigan Consumer Sentiment Index Slumped in August

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.