Economics
U.S. Consumer Confidence Hits Six-Year Low on Drag From Pandemic
- Americans are increasingly downbeat about job availability
- Expectations index declines to lowest level since 2016
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U.S. consumer confidence dropped in August to the lowest since 2014 as consumers soured on employment and business conditions, indicating Americans are becoming despondent amid persistently high joblessness.
The Conference Board’s index decreased to 84.8, the lowest level since the pandemic began, from a revised 91.7 in the prior month, according to a report issued Tuesday. The median estimate of economists surveyed by Bloomberg called for a reading of 93 in August. The group’s gauge of expectations fell 3.7 points to 85.2, the lowest since 2016, while household sentiment about current conditions dropped 11.7 points to 84.2.