US consumer confidence wanes as summer draws to a close
American consumers are feeling less confident as summer comes to a close as high prices and interest rates weigh on their willingness to spend
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.American are feeling less confident financially as summer comes to a close as high prices and interest rates weigh on their willingness to spend.
The Conference Board, a business research group, said its consumer confidence index tumbled to 106.1 in August from a revised 114 in July. Analysts were expecting a reading of 116.
The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. Both measures saw significant declines in August.
Consumers' view of current conditions fell to 144.8 from 153, and the index for future expectations slid to 80.2 from 88 in July. Readings below 80 for future expectations historically signals a recession within a year.
Consumer spending accounts for around 70% of U.S. economic activity, so economists and investors pay close attention to their mood to gauge how it may affect the broader economy.