The Consumer Confidence Index was 97.4 in August, down from 98.7 in July, the Conference Board said. The present situation index — based on consumers’ assessment of current business and labor market conditions — fell 1.6 points to 131.2. The expectations index — based on consumers’ short-term outlook for income, business and labor market conditions — decreased 1.2 points to 74.8.
“Consumer confidence dipped slightly in August but remained at a level similar to those of the past three months,” said Stephanie Guichard, senior economist, global indicators, at the Conference Board. “The present situation and the expectation components both weakened. Notably, consumers’ appraisal of current job availability declined for the eighth consecutive month, but stronger views of current business conditions mitigated the retreat in the Present Situation Index. Meanwhile, pessimism about future job availability inched up and optimism about future income faded slightly. However, these were partly offset by stronger expectations for future business conditions.”
