US consumer confidence falls in August, Conference Board says
US consumer confidence dropped to 89.4 in August, driven by high gas prices and rising inflation. Consumers remain pessimistic about the next six months despite improved perceptions of the job market. This decline occurs amid rising inflation, with July PCE inflation at 3.7%. The Conference Board reported this as the lowest level in seven months.
What changed
The Conference Board reported the lowest level of consumer confidence in seven months, confirming previous reports of a decline.
Live updates
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US consumer confidence falls in August
US consumer confidence dropped to 89.4 in August, driven by high gas prices and rising inflation. Consumers remain pessimistic about the next six months despite improved perceptions of the job market. This decline occurs amid rising inflation, with July PCE inflation at 3.7%. The Conference Board reported this as the lowest level in seven months.
Why it matters
The decline in consumer confidence is significant as it may impact economic growth and consumer spending. Rising inflation and high gas prices are major concerns for consumers. The Federal Reserve has been monitoring inflation and may consider rate hikes to control it. The University of Michigan survey also found that consumer sentiment fell in August.
What is confirmed
- US consumer confidence dropped to 89.4 in August
- July PCE inflation was 3.7%
- Consumer sentiment fell in August for the first time in three months
- Expectations for inflation in the year ahead eased
Still unconfirmed
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What to watch next
- Federal Reserve Chairman Kevin Warsh's speech at Jackson Hole
- US inflation rate for August
- Consumer confidence surveys for September
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US consumer confidence falls in August
US consumer confidence dropped to 89.4 in August, driven by high gas prices and rising inflation. The Conference Board reported this as the lowest level in seven months. Consumers remain pessimistic about the next six months despite improved perceptions of the job market. This decline occurs amid rising inflation, with July PCE inflation at 3.7%.
Why it matters
The decline in consumer confidence reflects growing concerns about the economic outlook. High gas prices and inflation are key factors influencing consumer sentiment. The Conference Board's report provides insight into consumer attitudes, which can impact economic growth. The US economy has been experiencing a slowdown, and consumer spending is a significant contributor to GDP.
What is confirmed
- US consumer confidence fell to 89.4 in August, the lowest level in seven months.
- July PCE inflation hit 3.7%.
- Consumers remain pessimistic about the next six months.
What to watch next
- July PCE inflation rate details
- August job market data
- Consumer spending trends
confidence 90%Sources used for this update (6)
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US Consumer Confidence Hits Seven-Month Low in August
US consumer confidence fell to 89.4 in August, the lowest level in seven months, according to the Conference Board. High gas prices exceeding $4 per gallon drove the decline and dampened the economic outlook. While perceptions of the job market improved, consumers remain pessimistic about the next six months. This drop in sentiment occurs alongside rising inflation, with July PCE inflation hitting 3.7% as beef prices surged 20%.
Why it matters
Consumer confidence serves as a primary indicator of future household spending and overall economic health. Persistent energy costs and food inflation are currently offsetting gains in employment perceptions. These trends arrive as the US approaches midterm elections.
What is confirmed
- US consumer confidence fell to a seven-month low in August.
- The Conference Board reported that US consumer sentiment declined in August.
- Gas prices remained above $4 per gallon.
Still unconfirmed
- US consumer confidence fell to 89.4 in August.
- July PCE inflation rose 3.7% as beef prices jumped 20%.
- President Trump waived ground beef tariffs ahead of the midterms.
- Job perceptions improved despite the fall in overall confidence.
What to watch next
- Next Conference Board consumer confidence report
- September PCE inflation data
- Midterm election results
confidence 80%Sources used for this update (7)
- Bloomberg — US Consumer Confidence Hits Seven-Month Low on Worse Outlook
- WSJ — U.S. Consumer Sentiment Fell in August, Conference Board Says
- Reuters — US consumer confidence falls in August, Conference Board says
- AP News — US consumer confidence falls to lowest level in 7 months with gas stuck above $4
- marketplace.org — Consumers are pessimistic about the next six months
- www.briefs.co — Fuel Prices Drive Consumer Confidence to Seven-Month Low
- en.sedaily.com — Beef Prices Jump 20% as U.S. Inflation Squeezes Trump Ahead of Midterms