The confidence of American households in the health of the U.S. economy unexpectedly declined in August, with optimism about the future dropping near to | Economy
The confidence of American households in the health of the U.S. economy unexpectedly declined in August, with optimism about the future dropping near to levels typically associated with the approach of a recession.
The gauge of how consumers feel about current economic conditions declined to 114.9 from 153.0. The share of consumers saying jobs are plentiful dropped to 40.3 percent from 43.7 percent in July. The share of those saying jobs are “hard to get” rose to 14.1 percent from 11.3 percent. Consumers also turned less optimistic about the economy six months from now. The expectations index dropped to 80.2 in August, undoing a sharp increase in optimism in July that had sent the index up to 88.0. The Conference Board noted that expectations are just a hair above 80, the level that historically signals a recession within the next year.
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