REUTERS/Rebecca Cook

A 24-foot long cast bronze arm and fist monument to boxer Joe Louis is seen hanging from a balance suspension on Jefferson Ave at Woodward in downtown Detroit, Michigan.

Consumer confidence has deteriorated in the past month.

The University of Michigan's consumer confidence index fell to a nine-month low of 79.2 in August from 81.8 in July.

Economists were expecting an increase to 82.5.

"The unexpected drop in confidence is at odds with the positive underlying tone in the US economy, which suggests that the souring in consumers' mood may have more to do with issues beyond economic fundamentals," said TD Securities' Millan Mulraine.

The current conditions index improvewd to 99.6 from 97.4.

But in more worrisome news, the outlook index fell to 66.2 from 71.8.

"With employment expanding at a rapid clip, gasoline prices dropping back a little, long-term interest rates collapsing and equity prices rallying in recent days, we would expect this particular confidence measure to come in a little higher in the final August estimate," said Capital Economics' Paul Ashworth. "More generally, the various confidence measures are all over the place. This eight-month low contrasts with the Conference Board measure, which hit its highest level in July since the recession began."

Markets aren't reacting to the news. The Dow is up 53 points (+0.3%) and the S&P 500 is up 8 points (+0.4%).





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