Consumer Confidence Falls to Lowest Level Since Nov 2011August 28, 2012 @ 10:16 AM EST
Economic Update: Consumer Confidence
The Conference Board’s Consumer Confidence Index moved lower in August, marking its worst level since late last year.
The index was reported at 60.6, which was well below the consensus expectation for a reading of 66 and the revised July reading of 65.4 (June: 62.7, May: 64.4, April: 68.7, March: 69.5, February: 71.6).
Lynn Franco, Director of the Consumer Research Center at The Conference Board said: “The Consumer Confidence Index is now at its lowest level since late last year (Nov. 2011, 55.2). 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.”
The Present Situation component came in at 45.8 vs. 45.9 in July.
The expectations component fell to 70.5 from 78.4.
The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS.
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