The Conference Board’s measure of Americans’ Consumer Confidence fell from a revised-lower 90.2 to 89.4 in August (below the 90.2 exp) – the lowest since January.
Interestingly, under the hood, we saw Expectations plunge to January lows while Present Situation spiked from 5 year lows…
“Consumer confidence moderated slightly in August for a second consecutive month,” said Dana M Peterson, Chief Economist, The Conference Board.
“The Expectations Index slipped further into negative territory, which was offset by a moderate rise in the Present Situation Index after declining in the past three months. Consumer appraisals of current business conditions were mildly positive. Perceptions of the current labor market improved, reversing three months of moderate decline. Looking ahead, consumers were more pessimistic about business conditions and the labor market over the next six months. Expectations for household incomes moderated but remained optimistic overall.”
On a six-month moving average basis, confidence across all age groups trended down slightly, remaining highest among consumers under 35.
By income, confidence was mixed, but generally higher-income groups were more optimistic.