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US Consumer Confidence Drops in August to a New 6-Month Low

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supermarket shopping cart lying on the floor, with Brazilian money (100 reais bank notes and coins) scattered on the floor. Concept

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

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