Consumer concerns once again center on rising prices, gasoline and daily groceries. (Photo: Getty Images)
WASHINGTON — US consumer confidence fell in August from a two-year high in July, with concerns once again about rising prices, including gasoline and daily groceries.
The index measuring this confidence fell to 106.1 points, according to the Conference Board. That of July was also revised downwards, to 114.0 points against 117 initially announced.
For July, analysts were expecting 116 points, according to the Market Watch consensus.
“The disappointing numbers for August reflect declines in both the current conditions index and expectations,” said Conference Board Chief Economist Dana Peterson, noting that consumers are “once again concerned about rising prices in general, and of groceries and gasoline in particular”.
In detail, the index measuring the perception that American consumers have of the current situation fell to 144.8 points against 153 last month.
The one measuring their expectations for the coming months also fell, to 80.2 points against 88, remaining just above the 80 point mark, a level which historically signals a recession in the year to come.
Consumer optimism about the job market situation is also deteriorating, and more consumers describe the job as “hard to get,” says Peterson.
The United States has been experiencing a two-year labor shortage that has caused wages to rise sharply, helping to fuel inflation.
August employment figures will be released on Friday, and a slowdown in job creation is expected, while the unemployment rate is expected to remain at its lowest level in more than 50 years, at 3.5%, against 3 .6% in July.
Another index measuring consumer confidence, released by the University of Michigan on Friday, also showed a decline in confidence, as fears grew over the course of economic activity. .
Inflation rose again in July, to 3.2% over one year against 3% in June, according to the CPI index on which pensions are indexed in particular. This increase is mainly due to housing prices.
Core inflation, which does not take into account fluctuating food and energy prices, slowed slightly to 4.7% year on year, from 4.8% year on year a month earlier .
2023-08-29 18:49:19
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