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U.S. Consumer Confidence Slumps Much More Than Expected In August
(RTTNews) - Consumer confidence in the U.S. deteriorated by much more than anticipated in the month of August, according to a report released by the Conference Board on Tuesday.
The Conference Board said its consumer confidence index tumbled to 106.1 in August from a downwardly revised 114.0 in July.
Economists had expected the consumer confidence index to edge down to 116.5 from the 117.0 originally reported for the previous month.
"Write-in responses showed that consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular," said Dana Peterson, Chief Economist at The Conference Board.
She added, "The pullback in consumer confidence was evident across all age groups—and most notable among consumers with household incomes of $100,000 or more, as well as those earning less than $50,000."
Peterson noted that the steep drop by the headline index reflected decreases by both the current conditions and expectations indexes.
The present situation index fell to 144.8 in August from 153.0 in July, while the expectations index declined to 80.2 in August from 88.0 in July.
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