Tuesday, August 28, 2007

August Consumer Confidence Index Slips From July

The Conference Board’s Consumer Confidence Index slipped to 105.0 in August (1985 = 100), down 6.2% from the revised July levels, but up 4.8% from August, 2006’s mark.
Said Lynn Franco, Director of The Conference Board Consumer Research Center: "A softening in business conditions and labor market conditions has curbed consumers' confidence this month. In addition, the volatility in financial markets and continued sub-prime housing woes may have played a role in dampening consumers' spirits. But, despite less favorable conditions and in spite of all the recent turmoil, consumers still remain confident. And, current Index levels suggest further economic growth in the months ahead."
Consumers were less upbeat in August than in July. Those claiming conditions are "good" decreased to 26.4%, while those saying conditions are "bad" increased to 16.3%. Consumers were also less positive in their appraisal of the labor market. Those saying jobs are "hard to get" increased to 19.7%. Those saying jobs are "plentiful" dipped to 27.5%.

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