US Consumer Confidence Plunges Amid Stalled Economy

Americans' confidence in the economy declined for the second consecutive month as gasoline prices remained above $4 per gallon. The Conference Board reported that its consumer confidence index fell to 89.4 in August, down from 90.2 in July.

The decline marks the lowest level since January and reflects ongoing concerns about inflation and economic growth. Despite improved views on their current situation, respondents' outlook for the next six months soured.

Write-in responses to the survey highlighted continued frustration with rising prices, particularly oil and gas costs. The Federal Reserve's preferred inflation gauge increased 3.7% in June from a year earlier, up from 2.8% before the Iran war began on February 28.