Consumer Confidence bounces slightly in August
The Consumer Confidence Index increased slightly to 53.5 in August, up from 51.0 in July, but down from 54.1 in August 2009.
The Conference Board's index (1985=100) increased with the short-term outlook, according to director Lynn Franco. "Consumers’ assessment of current conditions, however, was less favorable as employment concerns continue to weigh heavily on consumers’ attitudes. Expectations about future business and labor market conditions have brightened somewhat, but overall, consumers remain apprehensive about the future. All in all, consumers are about as confident today as they were a year ago.”
The Present Situation Index decreased to 24.9 from 26.4. The Expectations Index increased to 72.5 from 67.5 last month.
Consumers were also less pessimistic about future job prospects. Those expecting more jobs in the months ahead increased to 14.6% from 14.2%, while those anticipating fewer jobs decreased to 19.4% from 20.9%. The proportion of consumers expecting an increase in their incomes held steady at 10.6%.