Tuesday, August 30, 2011

The Conference Board Consumer Confidence Index® Declines (8-30)

The Conference Board Consumer Confidence Index®, which had improved slightly in July, plummeted in August.

The Index now stands at 44.5 (1985=100), down from 59.2 in July.

The Present Situation Index decreased to 33.3 from 35.7. The Expectations Index decreased to 51.9 from 74.9 last month.

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Says Lynn Franco, Director of The Conference Board Consumer Research Center: "Consumer confidence deteriorated sharply in August, as consumers grew significantly more pessimistic about the short-term outlook. The index is now at its lowest level in more than two years (April 2009, 40.8). A contributing factor may have been the debt ceiling discussions since the decline in confidence was well underway before the S&P downgrade. Consumers' assessment of current conditions, on the other hand, posted only a modest decline as employment conditions continue to suppress confidence."

Read all the details at the The Conference Board

Original content Bob DeMarco, All American Investor