The Conference Board's measure of consumer confidence fell to 97.4 in August from 98.7 in July, compared with a larger decrease expected to a reading of 96.5 in a survey compiled by Bloomberg as of 7:30 am ET.
The present situation reading decreased to 131.2 from 132.8, while the expectations reading decreased to 74.8 from 76.0.
The current assessment of business conditions improved in August while the assessment of labor market conditions was more negative.
"Notably, consumers' appraisal of current job availability declined for the eighth consecutive month, but stronger views of current business conditions mitigated the retreat in the Present Situation Index," said Stephanie Guichard, Senior Economist, Global Indicators at The Conference Board. "Meanwhile, pessimism about future job availability inched up and optimism about future income faded slightly. However, these were partly offset by stronger expectations for future business conditions."
The monthly consumer confidence index from the Conference Board measures consumer sentiment in the current month, with the headline index a combination of the present situation and expectations for the near future. The report also includes the current and future assessments for business and employment conditions.
An increase in the reading suggests consumers are more confident, a positive for stocks if that confidence translates into spending. Increased demand is usually inflationary, a negative for bonds.
Source : MT Newswires
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