US Consumer Confidence Falls to Seven-Month Low in August, Misses Expectations

• US Consumer Confidence fell to 89.4 in August.
• This marks a seven-month low, missing expectations.
• Deteriorating outlook for business and jobs cited as key factors.

US consumer confidence declined in August, reaching its lowest level in seven months. The Conference Board reported its Consumer Confidence Index dipped to 89.4, down from a downwardly revised 90.2 in July. This figure fell short of economists’ expectations, who had anticipated a more modest decrease to 90.1. The deterioration was primarily driven by a worsening short-term outlook for business conditions and the labor market, alongside concerns over elevated gasoline prices, which remained above $4 per gallon. While consumers’ assessment of their current situation showed some improvement, their future expectations soured.