US Conference Board Consumer Confidence fell from 114.0 to 106.1 in August, well below expectation of 116.5. Present Situation Index fell from 153.0 to 144.8. Expectations Index fell from 88.0 to 80.2.
Dana Peterson, Chief Economist at The Conference Board:
- “Consumer confidence fell in August 2023, erasing back-to-back increases in June and July.”
- “Write-in responses showed that consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular.
- “Assessments of the present situation dipped in August on receding optimism around employment conditions
- “Expectations for the next six months tumbled back near the recession threshold of 80, reflecting less confidence about future business conditions, job availability, and incomes.”
