SurveysAug 29, 2022
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Consumer Confidence Rises in August After 3 Months of Decline
Falling gasoline prices and efforts to fight inflation contributed to climbing consumer confidence.
The Conference Board’s consumer confidence index rose to 103.2 in August from 95.3 in July, marking the first gain in three months.
New York—U.S. consumer confidence rose in August, following three consecutive months of decline.
The rise in confidence follows a drop in gasoline prices and the Federal Reserve’s continued efforts to combat inflation by raising interest rates.
The Conference Board’s consumer confidence index rose to 103.2 in August from 95.3 in July.
The Present Situation Index, which measures consumers’ outlook on current business and labor market conditions, rose to 145.4 in August from 139.7 last month, marking the index’s first gain since March.
Respondents had a more positive view of current business conditions in August.
The percentage of consumers who said current business conditions are “good” was up to 19 percent month-over-month from 16 percent, while those who said conditions were “bad” decreased, down to 23 percent, compared with 24 percent in July.
Consumers had a mixed view of the labor market, with 48 percent of respondents saying jobs are “plentiful,” down from 49 percent last month.
However, fewer consumers felt jobs were “hard to get,” down to 11 percent from 12 percent in July.
The Expectations Index, which measures consumers’ short-term outlook for income, business, and labor market conditions, rose to 75.1 from 65.6.
As for the short-term business outlook, respondents took an optimistic view, with 18 percent expecting business conditions to improve, up from 14 percent in July.
Fewer expected conditions to worsen, down to 22 percent from 26 percent last month.
Consumers’ view of the short-term labor market was also positive, with more respondents expecting more jobs to be available, up to 17 percent from 15 percent.
Fewer respondents also expect there to be fewer jobs, down to 19 percent from 21 percent.
Consumers were also more optimistic about short-term financial prospects, with 16 percent expecting incomes to increase, up from 15 percent last month.
Fewer respondents expect their incomes to decrease, down to 15 percent from 16 percent in July.
While many of the metrics improved in August, the risk of a recession has not abated, noted Lynn Franco, senior director of economic indicators at The Conference Board.
“The Expectations Index improved from July's nine-year low, but remains below a reading of 80, suggesting recession risks continue,” said Franco. “Concerns about inflation continued their retreat but remained elevated.”
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