The latest monthly Survey of Consumers conducted by the University of Michigan reveals that final consumer sentiment readings for August dropped nearly 11 points compared to the July numbers. At a rating of 70.3, the poll results show the least favorable economic prospects recorded by the survey in a decade and seemingly reflects a knee-jerk reaction to inflation, the Delta variant, slower wage growth and smaller drops in the unemployment rate. That said, new data released by the Bureau of Economic Analysis reveals that consumer spending ticked up by 0.3 percent in July up from the June numbers. The rise amounts to less than a third of June’s gains, which suggests the wave of increased infections from the Delta variant has had the effect of slowing economic recovery.