Nothing good. BofA on the American experience:
The Conference Board report yesterday revealed a sizable drop in consumer confidence to a six-month low of 113.8in August, down from 125.1 in July. The consensus was forecasting only a small decrease. The data echoed a similar slide in the University of Michigan sentiment index, which fell to a near-decade low of 70.3 in August from 81.2 in the prior month.
Both reports cited the spread of the Delta variant as the main reason for consumers’ more pessimistic view of the economy, although elevated prices were also a drag.
