US Consumer Confidence Plummets to Lowest Level Since January
US consumer confidence dropped to its lowest level in seven months as gasoline prices remained above $4 per gallon. The Conference Board reported that its consumer confidence index dipped to 89.4 in August from 90.2 in July.
The decline was largely due to a souring short-term outlook, with Americans remaining frustrated by five years of elevated inflation. Inflation has risen since President Donald Trump's inauguration last year, reaching 3.7% in June according to the Federal Reserve's preferred gauge, the personal consumption expenditures price index.
Respondents' views on their present situation improved slightly, but their expectations for future job availability declined. Only 14.6% of respondents expected more jobs to be available over the next six months, down from 16.4% last month.