The Conference Board's August Consumer Confidence Index came in 'kind of average.'
Consumer confidence is lukewarm at the moment, with views of current business conditions improving but views of the labor market deteriorating.The nonpartisan, nonprofit think tank and business membership organization has been measuring consumer confidence since 1967.
The Conference Board Senior Economist Stephanie Guichard called this month’s index reading “kind of average.”August’s Consumer Confidence Index remained within a narrow range that’s prevailed over the past couple of years.The index, which got as high as 137.9 in the last decade, got as low as around 86 early in the pandemic.“I think the labor market is where most of the action has taken place in recent months,” she said.The U.S.
Currently, about two-thirds of people perceive a recession to be somewhat or very likely in the next 12 months.Guichard said recession expectations among American consumers are lower and stable.Americans showed more willingness to buy other big-ticket items, such as appliances and electronics.
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