Consumer confidence continued to fall in September, according to the Conference Board’s monthly report…(Conference Board)
- M-O-M: Consumer Confidence Index fell 5.9 points to 109.3 in August. This is the third month in a row of declines and the lowest level in 6 months.
- Y-O-Y: Consumer confidence is slightly above the 106.5 they reported in August 2020
SWING AND A MISS: Economists had projected a much smaller decline to 114.5 in August.
BREAKING IT DOWN: Consumers are less concerned about today than they are tomorrow…
- The Present Situation Index saw a 5.4 drop in August. but remained elevated at 143.4. Meanwhile, the Expectations Index fell under 90 to 86.6, a 5.6 drop from July.
Lynn Franco, Senior Director of Economic Indicators at The Conference Board said that by historical standards consumer confidence remains elevated but big-ticket items saw retreated in August…
- “Concerns about the state of the economy and short-term growth prospects deepened, while spending intentions for homes, autos, and major appliances all retreated again. Short-term inflation concerns eased somewhat, but remain elevated. Consumer confidence is still high by historical levels…“