U.S. consumer confidence dropped in August to the lowest level since February amid growing concerns about the rapidly spreading delta variant and higher inflation.
- The Conference Board published on Tuesday that its consumer confidence index declined to a reading of 113.8 in August, down from a revised 125.1 in July.
- The Conference Board stated that there are concerns about the resurgence in COVID-19 cases and worries about rising gas and food prices that contributed to the drop in consumer confidence.
- Consumer’s sentiment of the current business conditions declined in August, with 19.9% of consumers expecting good conditions, down from 24.6%.
- The numbUS consumers expecting the labor market to ease dropped to 54.6% from 55.2% in the previous month.
The decline in consumer confidence followed a sharp fall recorded on Friday in the University of Michigan consumer sentiment index.
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Source: The Conference Board