The Consumer Confidence Index was 103.3 in August, up from 101.9 in July, the Conference Board said today. The present situation index—based on consumers’ assessment of current business and labor market conditions— improved to 134.4 from 133.1 the previous month. The expectations index—based on consumers’ short-term outlook for income, business and labor market conditions—fell to 82.5 from 81.1 in July.
“Overall consumer confidence rose in August but remained within the narrow range that has prevailed over the past two years,” said Dana Peterson, chief economist at the Conference Board. “Consumers continued to express mixed feelings in August. Compared to July, they were more positive about business conditions, both current and future, but also more concerned about the labor market. Consumers’ assessments of the current labor situation, while still positive, continued to weaken, and assessments of the labor market going forward were more pessimistic. This likely reflects the recent increase in unemployment. Consumers were also a bit less positive about future income.”
