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- U.S. consumer confidence declines more than forecast in August
U.S. consumer confidence declines more than forecast in August
The
Conference Board announced on Tuesday its U.S. consumer confidence fell 11.3
points to 113.8 in August from 125.1 in July. This was the lowest reading since
February.
Economists
had expected consumer confidence to drop to 124.0.
July’s
consumer confidence reading was revised down from the originally estimated 129.1.
The
survey showed that the present situation index dropped from 157.2 in July to 147.3
this month. Meanwhile, the expectations index decreased from 103.8 last month
to 91.4 in August.
Consumer
confidence retreated in August to its lowest level since February 2021,”
noted Lynn Franco, Senior Director of Economic Indicators at The Conference
Board. “Concerns about the Delta variant - and, to a lesser degree, rising gas
and food prices - resulted in a less favorable view of current economic
conditions and short-term growth prospects. Spending intentions for homes,
autos, and major appliances all cooled somewhat; however, the percentage of
consumers intending to take a vacation in the next six months continued to
climb. While the resurgence of COVID-19 and inflation concerns have dampened
confidence, it is too soon to conclude this decline will result in consumers
significantly curtailing their spending in the months ahead.”
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