Conference Board US Consumer Confidence dropped to 84.8 in August, down from 91.7, missed expectation of 93.2. Present Situation Index dropped sharply from 95.9 to 84.2. Expectations INdex also dropped from 88.9 to 85.2.
“Consumer Confidence declined in August for the second consecutive month,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The Present Situation Index decreased sharply, with consumers stating that both business and employment conditions had deteriorated over the past month. Consumers’ optimism about the short-term outlook, and their financial prospects, also declined and continues on a downward path. Consumer spending has rebounded in recent months but increasing concerns amongst consumers about the economic outlook and their financial well-being will likely cause spending to cool in the months ahead.”
