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Respondents were concerned about the future of the labor market and their income as well as the rising prices of gas and groceries.
The Conference Board’s monthly Consumer Confidence Index fell in August as respondents reported feeling concerned about rising prices, the job market, and their income.
New York—U.S. consumer confidence slipped in August amid worries about the future.
The Conference Board’s monthly Consumer Confidence Index decreased to 89.4 in August from a downwardly revised 90.2 in July. The survey period ran from Aug. 3-16.
“Consumer confidence moderated slightly in August for a second consecutive month,” said Dana M. Peterson, chief economist at The Conference Board.
The Conference Board’s Present Situation Index, which measures consumers’ current view of business and labor market conditions, rose to 121.2 from a downwardly revised 114.4 in July.
“Consumer appraisals of current business conditions were mildly positive. Perceptions of the current labor market improved, reversing three months of moderate decline,” Peterson said.
While consumer sentiment improved regarding the current situation, their outlook on the future was more pessimistic.
The Expectations Index, which measures consumers’ outlook on income, business, and labor market conditions in the near future, fell to 68.2 from a downwardly revised 74 in July.
Views on all three components declined in August.
It marked the 19th consecutive month that the Expectations Index remained below the threshold of 80, the level that typically signals a recession is ahead, according to The Conference Board.
By demographic, confidence for consumers of all ages declined, though those under the age of 35 remained the most confident.
By income, confidence on a six-month moving average basis was mixed, with higher-income groups generally being more optimistic, same as last month.
By generation, confidence for Gen Z remained the highest, followed by millennials.
Generation X, baby boomers, and Silent Generation consumers trailed in confidence by a wider margin, the Conference Board said.
By political affiliation, Democrats were slightly more optimistic than last month while Independents and Republicans saw confidence soften.
Consumers’ write-in responses about the economy leaned more pessimistic, with more references to prices, specifically oil and gas prices.
Comments about war, conflict, food, groceries, trade, and jobs also rose this month.
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The Conference Board’s monthly Consumer Confidence Index decreased to 89.4 in August from a downwardly revised 90.2 in July. The survey period ran from Aug. 3-16.
“Consumer confidence moderated slightly in August for a second consecutive month,” said Dana M. Peterson, chief economist at The Conference Board.
The Conference Board’s Present Situation Index, which measures consumers’ current view of business and labor market conditions, rose to 121.2 from a downwardly revised 114.4 in July.
“Consumer appraisals of current business conditions were mildly positive. Perceptions of the current labor market improved, reversing three months of moderate decline,” Peterson said.
While consumer sentiment improved regarding the current situation, their outlook on the future was more pessimistic.
The Expectations Index, which measures consumers’ outlook on income, business, and labor market conditions in the near future, fell to 68.2 from a downwardly revised 74 in July.
Views on all three components declined in August.
It marked the 19th consecutive month that the Expectations Index remained below the threshold of 80, the level that typically signals a recession is ahead, according to The Conference Board.
By demographic, confidence for consumers of all ages declined, though those under the age of 35 remained the most confident.
By income, confidence on a six-month moving average basis was mixed, with higher-income groups generally being more optimistic, same as last month.
By generation, confidence for Gen Z remained the highest, followed by millennials.
Generation X, baby boomers, and Silent Generation consumers trailed in confidence by a wider margin, the Conference Board said.
By political affiliation, Democrats were slightly more optimistic than last month while Independents and Republicans saw confidence soften.
Consumers’ write-in responses about the economy leaned more pessimistic, with more references to prices, specifically oil and gas prices.
Comments about war, conflict, food, groceries, trade, and jobs also rose this month.
Consumers’ average and median 12-month inflation expectations rose slightly in August.
Most survey-takers (61 percent) once again expect to see higher interest rates over the next 12 months, down slightly from 62 percent in July.
They also still expect higher stock prices a year from now.
Consumers’ views of their family’s current financial situation softened in August after a slight improvement last month, as more respondents said their finances were “bad” in August.
Their views of their family’s future financial situation remained “healthy,” but more pessimistic in August than it was in June and July.
The share of consumers who said a U.S. recession over the next 12 months is “very likely” rose, but consumers still expect a low likelihood of a recession in 12 months.
These measures are not included when calculating the Consumer Confidence Index.
As for what consumers plan to buy over the next six months, cars were at the top of the list.
Plans to buy a home dipped in August but maintained its upward trend.
The most popular items in the durable goods category were furniture and smartphones, while plans to buy TVs fell.
Respondents expected to spend less on services in August, following a boost in July with lower gas prices and the World Cup games fueling spending, the Conference Board noted.
However, consumers still planned to spend more overall on services over the next six months.
The top three services consumers plan to spend money on included restaurants, bars, and take-out, utilities, and streaming, internet, and mobile services, while anticipated spending on beauty and personal care fell.
Consumers plan to spend less on activities over the next six months, including on movies, hotels for personal travel, airfare, amusement parks, and museums and historical sites, a trend likely due to summer ending and a new school year starting.
Pet care spending plans, however, stayed strong.
The Consumer Confidence survey results for September are scheduled to be released on Sept. 29.
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