US consumer confidence drops to a 6-month low

US consumer confidence fell to a six-month low in August as concerns over a rise in new Covid-19 infections and rising inflation cast a negative shadow on the economic outlook.

The Conference Board said on Tuesday that its Consumer Confidence Index fell to a reading of 113.8 this month, the lowest level since February, from 125.1 in July.

Economists interviewed by Reuters had expected the index to drop to 124.0.

Goldman Sachs slashed its forecast for US economic growth in the third quarter from 9% to 5.5% amid fears of rising Corona virus infection rates and high inflation rates.

And gross domestic product in the United States grew 6.6% year on year in the second quarter of questyear, according to the second reading of the US Department of Commerce.

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