Pahna Media – Economy
U.S. consumer confidence declined in August to its lowest level in seven months, according to data released by The Conference Board.
The Consumer Confidence Index fell to 89.4 in August from a revised 90.2 in July. Economists had expected the index to remain at 90.2.
The decline was largely driven by a 7.8% drop in the Expectations Index, reflecting growing concerns about business conditions and the labor market over the next six months.
At the same time, consumers’ assessment of current conditions improved for the first time in four months.
Consumers also raised their expectations for inflation over the next year. Expected price increases rose to 5.8% in August from 5.6% in July.
Dana Peterson, chief economist at The Conference Board, said consumers had become more pessimistic about future business and labor-market conditions.
Source: Reuters
