Confidence Drops to Lowest Level Since April 2009

No surprise here.

U.S. consumer confidence crumbled in August to its lowest level in more than two years as the fallout from political wrangling over a budget deal took its toll, according to a private sector report released Tuesday.

The Conference Board, an industry group, said its index of consumer attitudes sank to 44.5 from a downwardly revised 59.2 the month before. The index was well off a poll of economists by Reuters for a reading of 52.0.

The index was at the lowest level since April 2009, the report said. July was originally reported as 59.5.