The Conference Board’s index fell to 89.4 as expectations for business conditions and the labor market deteriorated.
US consumer confidence fell in August to its lowest level since the start of the year as Americans grew more pessimistic about business conditions and the labor market, Bloomberg reported.
The Conference Board’s confidence index fell 0.8 points to 89.4 after the prior month was revised lower. A measure of expectations for the next six months dropped to its lowest level since January.
The expectations decline came even as the present-conditions index rose to a four-month high. The split suggests consumers’ current assessments improved while their outlook for the economy weakened.
The data add to signs that households are becoming more cautious about jobs and business conditions as the economic outlook deteriorates.
