Surveys

Consumer Confidence Rises in August Despite Labor Market Worries

SurveysAug 28, 2024

Consumer Confidence Rises in August Despite Labor Market Worries

Inflation remained a top concern among survey-takers who included write-in responses.

Woman shopping
The Conference Board’s consumer confidence index rose to 103.3 in August from an upwardly revised 101.9 in July.
New York—U.S. consumer confidence rose overall in August even though respondents expressed concerns about the labor market.

The Conference Board’s monthly consumer confidence index increased to 103.3 in August from an upwardly revised 101.9 in July.

“Overall consumer confidence rose in August but remained within the narrow range that has prevailed over the past two years,” said Dana M. Peterson, chief economist at The Conference Board.

Write-in responses in August included more mentions of stock prices and unemployment as affecting consumer’s views of the U.S. economy, she said.

Higher prices and inflation remained the top concern among survey-takers who included write-in responses.

The share of respondents believing the 2024 elections would impact the economy held steady from last month, said the Conference Board, noting it was slightly higher than 2020 levels but well below the August 2016 level.

Consumers’ outlook on a possible recession also was unchanged, said the Conference Board, and the level remained “well below” its 2023 peak.

While overall consumer confidence was on the rise, respondents had mixed feelings in August.

Consumers were more positive about current and future business conditions but expressed concerns about the labor market.

“Consumers’ assessments of the current labor situation, while still positive, continued to weaken, and assessments of the labor market going forward were more pessimistic,” said Peterson.

“This likely reflects the recent increase in unemployment. Consumers were also a bit less positive about future income.”

By age group, consumers under 35 saw confidence decline while those 35 and older saw it increase.

On a six-month moving average basis, however, confidence remained the highest among young consumers, said Peterson.

By income group, confidence declined for those earnings less than $25,000 while consumers earning more than $100,000 remained the most confident.

Confidence among consumers earning $15,000 to $24,900 continued to trend down and was almost as low as for those earning less than $15,000, said Peterson.

The Conference Board’s average 12-month measure of inflation expectations declined slightly to 4.9 percent from 5.4 percent in July.

It marks the lowest level since March 2020 and is consistent with slower overall inflation and declines in the prices of some goods, said the Conference Board.

The share of consumers expecting interest rates to increase over the next 12 months dropped for the third month in a row to 47 percent, marking its lowest point since February.

Those who expect lower rates rose to 32 percent, the highest since April 2020.

The Present Situation Index, which measures consumers’ current view of business and labor market conditions, rose to 134.4 in August from 133.1 in July.

Consumers’ assessments of current business conditions were more positive in August while their view of the labor market weakened.

 Related stories will be right here … 

The Expectations Index, which measures consumers’ outlook for income, business, and labor market conditions in the near future, rose to 82.5 from an upwardly revised 81.1 in July.

A reading below 80 normally signals a recession in the near future, the Conference Board noted.

Consumers were more optimistic about business conditions in August, while their outlook on the labor market and their income prospects were more pessimistic.

They also were less optimistic about their family’s current financial situation, a measure not included when calculating the Present Situation and Expectations Index.

However, their view of their family’s future financial situation improved looking to the next six months.

“Consumers were likely rattled by the financial market turmoil in early August, as they were less upbeat about the stock market,” said Peterson.

In August, 47 percent of respondents said they expect stock prices to increase over the year ahead, down from 51 percent in July, while 27 percent expect a decrease, up from 23 percent.

The number of consumers who said they plan to buy a home fell to a new 12-year-low in August, while plans to buy cars increased slightly.

Buying plans for most big-ticket appliances were up on average, with gains driven by a few items including refrigerators, TVs, and washing machines.

The number of consumers who said they plan to buy a smartphone, laptop, or personal computer also increased.

The Latest

Astrid & Miyu 2025 12-Day, 24-Day, Solid Gold Advent Calendars
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent Calendars

The trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.

Front of Marla Aaron porcelain Nymphenburg Lock
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’

Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.

Alisa Bunger Frederick Goldman
MajorsOct 10, 2025
Frederick Goldman Names New VP of Sales

Jewelry industry veteran Alisa Bunger has taken on the role.

ja_fall_2024_by_headshot_stories_6824.jpg
Brought to you by
JA New York Fall Is Right Around the Corner

The upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.

Feriel Zerouki, De Beers Chief Trade and Industry Officer
SourcingOct 09, 2025
Feriel Zerouki Is Leaving De Beers

The company and industry leader’s two-decade tenure with De Beers will come to a close at the end of the month.

Weekly QuizOct 09, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Fabergé Imperial Winter Egg
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction

“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.

Kessler watch battery recycling program
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High

The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.

gia-edu main image.png
Brought to you by
A Brilliant Future Is Here

Online education from GIA experts.

Katkim Men’s Collection Shadow Pendant Necklace and Anerise Signet Band
CollectionsOct 09, 2025
Katkim Launches First Men’s Collection

The line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.

Gemfields Rough Rubies
SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11M

The rough on offer was recovered from a newer area at the Montepuez mine.

“Storied Diamond Desert Sands of Eternity” engagement ring and wedding band
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey

The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.

Emily P. Wheeler Ombré Collection Campaign
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ Collection

The champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.

MRK x MFA Tsuba Charm Necklace Collection Campaign
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New Charms

Kosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.

Stock image of a gavel and law books
CrimeOct 07, 2025
Men Who Posed as Utility Workers Found Guilty in Jeweler’s Murder

Carlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.

Zoë Kravitz Wearing Jessica McCormack Tempest Sapphire Pendant and Tempest Diamond Necklace
CollectionsOct 07, 2025
Jessica McCormack Looks to Sea Spirits for ‘Tempest’ Collection

The brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.

Lightning Ridge Rural Fire Brigade
SourcingOct 07, 2025
Columbia Gem House Announces ‘Opals for Outback Heroes’ Fundraiser

Proceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.

Stuller 2025 S.E.R.V.E. Star Awards winners
MajorsOct 07, 2025
Stuller Names Its S.E.R.V.E Stars for 2025

Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.

All four models of Citizen’s new Rainell watch
WatchesOct 06, 2025
This Fall, Citizen’s Forecast Calls for Rain

Citizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.

Mercedes Gleitze Rolex Oyster 1926
AuctionsOct 06, 2025
The ‘Rolex That Made Rolex’ Heads to Auction at Sotheby’s

The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.

Amit Pratihari GIA India
GradingOct 06, 2025
GIA India Names Former De Beers Exec as New Managing Director

Amit Pratihari was previously the managing director of De Beers India and Forevermark India.

DCWC 2025 Board of Directors
SourcingOct 06, 2025
SoCal 24 Karat Club Integrates Into Diamond Club West Coast

Members of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.

Selena Gomez and Benny Blanco Wedding, Jacob & Co. Watch
TrendsOct 03, 2025
Selena Gomez, Benny Blanco Tie the Knot Wearing Diamonds, White Metals

Gomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.

HRD Antwerp CEO Paul De Wachter
GradingOct 03, 2025
Grading Lab HRD Antwerp Names New CEO

Diamond industry banking veteran Paul De Wachter will take on the role in January 2026.

Taylor Swift Kallati sapphire ring
TrendsOct 03, 2025
Piece of the Week: Kallati’s Pink Sapphire Ring

Taylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”

Boucheron Quatre Sand Collection
CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed Sand

Its “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.

Stock image of crime scene tape
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab

Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.

Neil Lane and Boucheron bow tie brooch
MajorsOct 02, 2025
Neil Lane Jewelry Exhibition Coming to Toledo Museum of Art

“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy