- The July reading at 117.0 was the highest since July 2021 (revised to 114.0)
Details:
- Present situation index 144.8 vs 160.0 prior
- Expectations index 80.2 vs 88.3 prior
- 1 year Inflation 5.8% vs 5.7% prior
- Jobs hard-to-get 14.1 vs 9.7 prior
This and the big drop in JOLTS likely means an end to the Fed hiking cycle.
“Consumer confidence fell in August 2023, erasing back-to-back increases in June and July,” said Dana Peterson, Chief Economist at The Conference Board. “August’s disappointing headline number reflected dips in both the current conditions and expectations indexes. Write-in responses showed that consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular. The pullback in consumer confidence was evident across all age groups—and most notable among consumers with household incomes of $100,000 or more, as well as those earning less than $50,000. Confidence held relatively steady for consumers with incomes between $50,000 and $99,999.”