Consumer confidence fell to the lowest level in more than 30 years in early August. It’s the latest sign of continued economic weakness.

The Thomson Reuters/University of Michigan preliminary index of consumer sentiment slumped to 54.9 from 63.7 the prior month. The gauge was projected to decline to 62, according to the median forecast in a Bloomberg News survey…

“The mood is very depressed,” said Chris Christopher, an economist at IHS Global Insight Inc. in Lexington, Massachusetts. “Consumers are very fatigued and very uncertain. In the short term, people are going to pull back on spending.”

And no wonder. Not only did the stock market fall by more than 400 points on multiple days, but unemployment remains at 9.1% and inflation is on the rise. Fuel prices also remain high and housing prices are falling.

What’s there for consumers to be confident about these days?