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Financial News: U.S. Consumer Confidence Shows Slight Deterioration But Re

U.S. Consumer Confidence Shows Slight Deterioration But Remains Solid

08/27/2019 - 10:19:00 (RTTNews)

(RTTNews) - Consumer confidence in the U.S. showed a slight deterioration in the month of August, according to a report released by the Conference Board on Tuesday.

The Conference Board said its consumer confidence index edged down to 135.1 in August after surging up to 135.8 in July. Economists had expected the index to show a much more substantial decrease to 130.0.

"Consumer confidence was relatively unchanged in August, following July's increase," said Lynn Franco, Senior Director of Economic Indicators at the Conference Board. "While other parts of the economy may show some weakening, consumers have remained confident and willing to spend."

She added, "However, if the recent escalation in trade and tariff tensions persists, it could potentially dampen consumers' optimism regarding the short-term economic outlook."

The modest decrease by the headline index came as the expectations index slid to 107.0 in August from 112.4 in July, with consumers moderately less optimistic about the short-term outlook

The percentage of consumers expecting business conditions will be better six months from now fell to 21.9 percent from 24.0, while those expecting conditions will worsen increased to 10.0 percent from 8.4 percent.

The Conference Board said consumers' outlook for the labor market was also slightly less positive, with the proportion expecting more jobs in the months ahead slipping to 19.7 percent from 19.9 percent and those anticipating fewer jobs rising to 13.6 percent from 11.1 percent.

Meanwhile, the report said the present situation index climb to 177.2 in August from 170.9 in July, reaching its highest level since November of 2000.

The percentage of consumers claiming business conditions are "good" rose to 42.0 percent from 39.9 percent, while those saying conditions are "bad" dipped to 9.8 percent from 11.2 percent.

Consumers' appraisal of the job market was also more favorable, with those saying jobs are "plentiful" climbing to 51.2 percent from 45.6 percent and those claiming jobs are "hard to get" edging down to 11.8 percent from 12.5 percent.

On Friday, the University of Michigan is scheduled to release its revised reading on consumer sentiment in the month of August.

The consumer sentiment index is expected to be unrevised from the preliminary reading of 92.1, which was down sharply from 98.4 in July.

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