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U.S. Consumer Confidence Decreasing
08/29/2006Worries about the job market caused consumer confidence in the U.S. economy to tumble to its lowest level in nine months. The Conference Board, a New York-based research group, said the consumer confidence index fell to a reading of 99.6, down from 107.0 in July. The index was lower than analysts expectation of 102.5.
Lynn Franco, director of the Conference Board's consumer research center, says "You've got a deterioration in business conditions coupled with lackluster job growth".
Americans' feelings about the labor market worsened in August. Consumer confidence has been volatile this year, with rising interest rates, high energy prices and fighting in the Middle East weighing on Americans' view of how the U.S. economy is doing.
"Consumers are feeling their dollars are getting stretched a little thin," says Franco.
The report was derived from responses to a survey mailed to 5,000 households in a consumer research panel.
Source: Dean D. Paolucci, Attorney at Law
