SurveysAug 01, 2024
Consumers Feeling a Little More Confident in July 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.
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 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.
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.
More on Surveys
The Latest
EditorsJun 11, 2026
This Was the Best Animal Jewelry in Las Vegas From lions and hippos to snails and fish, Senior Editor Lenore Fedow wrangles her picks for cutest jewelry critters in Las Vegas.
SourcingJun 11, 2026
Grandview Klein, London Jewelers Partner To Cut 63-Carat RoughThe big stone will be fashioned into a 20.26-carat diamond in celebration of the retailer’s 100th anniversary this year.
MajorsJun 11, 2026
Former Cartier Creative Director To Head Chanel’s Jewelry Creation StudioMarie-Laure Cérède will join Chanel as the new director of its jewelry creation studio, starting in October.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
Lab-GrownJun 11, 2026
Smiling Rocks’ ‘Wish Jar’ Generates 100+ Wishes in Las Vegas At the JCK show, the lab-grown diamond brand teamed up with Jewelers for Children to support Make-A-Wish India.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJun 11, 2026
Signet Jewelers Exec Joins Diamonds Do Good BoardIlana McCabe is Signet’s vice president of public relations and brand communications.
AuctionsJun 10, 2026
31.62-Carat ‘Azure Blue’ Diamond Sells For $8M+ at Christie’sIt was a banner day for blue gemstones, with another blue diamond topping $8 million and a 41-carat sapphire going for $2.3 million.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
MajorsJun 10, 2026
Saks Global Receives Bankruptcy Court Approval for ReorganizationThe approval means the retailer is on track to exit bankruptcy proceedings this summer.
CrimeJun 10, 2026
2 Suspects Arrested in Texas Jewelry Store RobberyThe men are believed to be part of the group of several masked suspects that robbed Marc Robinson Jewelers in April.
CollectionsJun 10, 2026
Sylvie Debuts ‘Elevated’ Bridal Collection Inspired By Designer’s RingThe bridal-focused brand is also launching its Custom Atelier this summer, a digital custom design tool for its authorized retailers.
EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.
MajorsJun 09, 2026
Wilkerson's Russ Whitehouse RetiresThe industry veteran is bringing his 56-year run in the fine jewelry sector to an end.
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry VoicesThe panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, LiterallyInspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.
MajorsJun 09, 2026
Frederick Goldman Names Director of Sales for SoutheastThe company has promoted Katherine Whitacre to the role.
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine JewelryThe jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.
SourcingJun 08, 2026
Sally Morrison to Depart De Beers This Summer Morrison has been marketing diamonds on and off since the early 2000s and said she is leaving to “pursue new projects.”
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone TrioThose born in June can celebrate with pearl, alexandrite, and moonstone jewelry.
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder PlatformThe platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
