Consumer Confidence Tumbles

Consumer confidence took a wicked fall in August. The Conference Board said that its Consumer Confidence Index fell to 60.6 in August from 65.4 in July. That’s the lowest reading of this measure since last November. While the index is a measure of sentiment—rather than actual economic activity—it still matters. Consumers account for about 70 percent of U.S. economic activity, and they need to be in a good mood to keep spending.