Consumer confidence in the US continued to deteriorate in August with the Conference Board’s Consumer Confidence Index dropping from 91.7 (revised from 92.6)in July to 84.8. This reading missed Reuters’ estimate of 93 by a wide margin.
Further details of the publication revealed that the Consumer Expectations Index worsened to 85.2 from 88.9 and the Present Situation Index dropped to 84.2 from 95.9.
Commenting on the data, “consumers’ optimism about the short-term outlook and their financial prospects also declined and continues on a downward path,” said Lynn Franco, Senior Director of Economic Indicators at the Conference Board. “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.”
Market reaction
The US Dollar Index showed no initial reaction to the data and was last seen losing 0.22% on a daily basis at 93.08.
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