This month, consumer confidence fell more than expected as higher prices and higher interest rates make life less affordable.
The Conference Board, a nonprofit organization that publishes multiple indicators, announced Tuesday that the Consumer Confidence Index was at 106.1 for August, a notable decline from the downwardly revised 114 notched in July.
The index is closely followed and measures the public's optimism toward the economy by gauging saving and spending trends. The present situation index and the expectations index both fell as well. About 21% of consumers said business conditions were “good,” a number that is unchanged from July. Meanwhile, just over 17% said business conditions were “bad,” an uptick from the month before.
The lower reading comes on the same day as the Bureau of Labor Statistics's most recent Job Openings and Labor Turnover Survey. The report found that the number of job openings in the United States decreased to 8.8 million in July, the lowest that number has been in more than two years.
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