Survey: Plunging stock prices hit US consumer sentiment

In this Aug. 21, 2015 photo, people shop at the CityTarget store in Boston. Plummeting stock prices have taken a toll on U.S. consumer confidence, though there are signs the setback may be temporary. The University of Michigan says its consumer sentiment index fell to 91.9 Aug. 2014 from 93.1 in July. The index is still up 11.4 percent from a year ago. (AP Photo/Michael Dwyer) In this Aug. 21, 2015 photo, people shop at the CityTarget store in Boston. Plummeting stock prices have taken a toll on U.S. consumer confidence, though there are signs the setback may be temporary. The University of Michigan says its consumer sentiment index fell to 91.9 Aug. 2014 from 93.1 in July. The index is still up 11.4 percent from a year ago. (AP Photo/Michael Dwyer)

By Associated Press August 28, 2015 3 min read

WASHINGTON (AP) – Plummeting stock prices have taken a toll on U.S. consumer confidence, though there are signs the setback may be temporary.

The University of Michigan says its consumer sentiment index fell to 91.9 this month from 93.1 in July. The index is still up 11.4 percent from a year ago.

The figures provide an early read of the impact on consumers from the 1,900 point drop in the Dow Jones industrial average over six days through Tuesday. Stock prices have since recovered some of those losses.

The University of Michigan surveys consumers throughout the month and so some of the responses were tallied as stock prices plunged. The University said it extended its interviews until Aug. 23.

Many economists were reassured by the limited drop in the index.