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US consumer confidence slips in August as gasoline stays above $4
The Conference Board’s index fell to 89.4 from 90.2, while 27.0% of respondents said jobs were plentiful, up from 24.4% in July.
US consumer confidence fell again in August, sliding to 89.4 from 90.2 in July, according to The Conference Board. The decline reflects frustration over five years of elevated inflation, with gasoline prices still above $4 per gallon.
The survey also showed a split in expectations, with respondents’ views of their current situation improving but their short term outlook worsening. Write in responses cited rising references to war and geopolitics, food prices, trade, and jobs.
Labor market sentiment moved in opposite directions, as 27% of respondents said jobs were plentiful, up from 24.4% in July. But only 14.6% expected more jobs over the next six months, down from 16.4% the prior month.
The article also notes broader inflation pressure, including the Federal Reserve’s preferred inflation measure, the personal consumption expenditures price index, which was up 3.7% in June versus the prior year. It was down from 4.1% in May but higher than 2.8% before the Iran war began on 28 February.
Latest closeGasoline (RBOB) $2.901 ▼7.3%