Skip to main content
Updated:
Original:

Consumer confidence drops in August

The Conference Board Consumer Confidence Index declined in August after an improvement in July.

The index now stands at 60.6, down from 65.4 in July. The Expectations Index decreased to 70.5 from 78.4. The Present Situation Index, however, was virtually unchanged at 45.8, compared with 45.9 a month ago.

“The Consumer Confidence Index is now at its lowest level since late last year (November 2011, 55.2),” Lynn Franco, director of economic indicators at the Conference Board, said in a statement.

“A more pessimistic outlook was the primary reason for this month’s decline in confidence. Consumers were more apprehensive about business and employment prospects, but more optimistic about their financial prospects despite rising inflation expectations. Consumers’ assessment of current conditions was virtually unchanged, suggesting no significant pickup or deterioration in the pace of growth.”

Consumers’ assessment of current conditions was little changed in August. Those who said business conditions are “good” improved to 15.2 percent from 13.7 percent, and those who said business conditions are “bad” was unchanged at 34.4 percent.

Consumers’ appraisal of the labor market varied. Those who said jobs are “plentiful” declined to 7 percent from 7.8 percent, and those who said jobs are “hard to get” edged down to 40.7 percent from 41 percent.

Consumers’ optimism about the short-term outlook deteriorated in August. The percentage of consumers who expected business conditions to improve during the next six months declined to 16.5 percent from 19 percent, and those who anticipate that business conditions will worsen increased to 17.7 percent from 15.1 percent.

Consumers’ outlook for the labor market was also less favorable. Those who expected more jobs in the months ahead decreased to 15.4 percent from 17.6 percent, and those who anticipated fewer jobs rose to 23.4 percent from 20.6 percent. The proportion of consumers who expected an increase in their incomes, however, improved to 15.7 percent from 14.2 percent.

Click here for the full release.

Related

Volvo Penta to Power Offshore Wind Farm Transfer Vessels

The Swedish company will provide quad IPS systems for crew-and-equipment transfer vessels being built by American Offshore Services.

ePropulsion Secures B+ Series Funding

The China-based company will use the investment — equal to tens of millions of U.S. dollars — to advance research and development in e-power technology innovations.

Discover Boating Moves Forward

The joint NMMA and MRAA effort reveals a new logo and its rebranding of the Miami International Boat Show.

The Outdoor Recreation Boom Continues

Bombardier Recreational Products saw revenue jump 28 percent to $4.2 billion for the year, but dipping in its fiscal Q3 due to supply chain constraints.

A Steady Decline

Demand remains strong, but supply-chain logjams continue to weaken boat registration numbers.

Heimensen Named MarineMax Marketing VP

The yacht retailer announced it has promoted its longtime marketing director Abbey Heimensen.

C.G. Foundation Launches GivingTuesday Matching Challenge

The Coast Guard Foundation is launching a matching gift in which Geico Military will triple all donations received by midnight tonight.