In August, the Conference Board consumer confidence index dropped to 60.6 points from the revised 65.4 points recorded in July (previously reported: 65.9 points). The figure undershot market expectations, which had anticipated the index rising to 65.8 points and marked, in fact, the lowest level recorded in nine months. Despite the decline, at the current level, consumer confidence stands 15.4 points above the level recorded in the same month a year ago. The Conference Board explained that the consumers more pessimistic outlook was the main reason behind the decline in confidence seen this month. According to the Board, consumers were more apprehensive about business and employment prospects, but more optimistic about their financial prospects despite rising inflation expectations. On the other hand, consumers' assessment of current conditions was virtually unchanged, suggesting no significant pickup or deterioration in the pace of growth.
United States Consumer Confidence
Consumer confidence falls to nine-month low
August 24, 2012
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United States Economic News
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