US consumer confidence falls in August as gas prices remain above $4 per gallon
Confidence index drops to 89.4 in August from 90.2 in July amid frustration after five years of elevated inflation Americans’ confidence in the economy declined again this month as the ongoing conflict in Iran continued to push US gasoline prices above $4 per gallon. The Conference Board said on Tuesday that its consumer confidence index dipped to 89.4 in August from 90.2 in July. That was the…
In August, the US consumer confidence index fell to 89.4, down from 90.2 in July, due to continued frustration over high gas prices remaining above $4 per gallon, according to the Conference Board. The index, which had been consistently above 100 since the start of the year, represented the lowest level in seven months. While Americans' views of their current economic situation improved, their outlook for the near future turned more pessimistic.
Respondents cited elevated prices across various goods and services, as well as ongoing geopolitical tensions, as contributing factors to their diminished confidence. Despite a slight improvement in perceptions of job availability, a majority of consumers remain wary of the economic situation, particularly as the midterm elections approach.
Written by urgent.news from The Guardian US's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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