Consumer Confidence Falls to Lowest Level in Six Years

The Conference Board Consumer Confidence Index declined in August for the second consecutive month, falling from 91.7 in July to 84.8 this month. The Present Situation Index – based on consumers’ assessment of current business and labor market conditions – decreased sharply from 95.9 in July to 84.2 in August, 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 The Expectations Index – based on consumers’ short-term outlook for income, business, and labor market conditions – declined from 88.9 in July to 85.2 this month.

“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,” said Lynn Franco, senior director of economic indicators at The Conference Board…  Chain Store Age

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