August 25, 2020
The Conference Board Consumer Confidence Index fell for the second month in a row in August as consumers remain concerned about the outlook ahead.
“Consumer spending has rebounded in recent months but increasing concerns amongst consumers about the economic outlook and their financial well-being will likely cause spending to cool in the months ahead,” said Lynn Franco, senior director of economic indicators at The Conference Board.
In the survey for the index, the number of consumers saying jobs are plentiful fell to 21.5% from 22.3% the previous month. Those saying jobs are “hard to get” rose to 25.2% in August from 20.1% in July.
Consumers were also more downbeat on the economy with 43.6% saying conditions are “bad” in August, up from 38.9% in July.
In addition, consumers were more negative on the jobs picture in August when looking ahead. The proportion expecting more jobs in the months ahead fell to 29.1% in August from 29.6% in July.
Overall, the Consumer Confidence Index fell to a reading of 84.8 in August, down from 91.7 in July.
