Consumer confidence falls
New York -- Consumer confidence unexpectedly dropped in August from a six-year high as Americans faced rising interest rates, according to the University of Michigan/Thomson Reuters preliminary index of consumer sentiment.
The index fell to 80.0 from 85.1 in July, which was the highest since July 2007. The median projection of 68 economists surveyed by Bloomberg called for little change at 85.2.
The outlook component fell to 72.9 in August from 76.5 in July, while current conditions dropped to 91.0 in August from 98.6 in July.