Consumer sentiment drops unexpectedly


It was a positive week for investors, but the U.S. economy could not make it a "clean sweep," as consumer sentiment unexpectedly fell in August.

The Reuters/University of Michigan Surveys of Consumers said its consumer sentiment index for August (preliminary) decreased to 63.2 from 66.0 in July, Reuters reported Friday. The index was at 70.8 in June and hit a record low of 51.7 in May 1980.

Economists surveyed by Bloomberg News had expected the index to rise to 68.5 in August.