US consumer confidence deteriorates in August
By Michele Maatouk
Date: Tuesday 25 Aug 2020
(Sharecast News) - US consumer confidence deteriorated in August as a rise in new coronavirus cases dented sentiment, according to a survey released on Tuesday.
The Conference Board's consumer confidence index fell to 84.8 from a revised 91.7 in July, coming in well below expectations for a reading of 93.0 and hitting a new pandemic low.
The present situation index slid to 84.2 from 95.9 and the expectations index declined to 85.2 from 88.9 in July.
Lynn Franco, senior director of Economic Indicators at the Conference Board, said: "Consumer confidence declined in August for the second consecutive month.
"The present situation index decreased sharply, with consumers stating that both business and employment conditions had deteriorated over the past month. Consumers' optimism about the short-term outlook, and their financial prospects, also declined and continues on a downward path.
"Consumer spending has rebounded in recent months but increasing concerns amongst consumers about the economic outlook and their financial well-being will likely cause spending to cool in the months ahead."
Special promo:
Trading the Forex Market? Visit FXmania.com to get advanced infomation about currencies and the Foreign Exchange
Market.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN