Consumer Confidence Plunges

WASHINGTON (MarketWatch) -- U.S. consumer sentiment plummeted in early July, hitting the lowest level since August, according to media reports of a survey released Friday by Reuters and the University of Michigan. The UMich index fell to 66.5 in early July from 76 in late June. The June reading was the highest level in more than two years. The average level of the index is around 87. Economists surveyed by MarketWatch had expected a July reading of 74.3. A separate reading on consumer confidence also recently plunged, with consumers worried abut weak hiring and the economy.