Tags: Coronavirus | consumer confidence | economy | august | cases | pessimism

US Consumer Confidence Falls for Second Month in August

woman in a neon orange shirt and mask walks by a store with no mask no entry shirt
(Mark Makela/Getty Images)

Tuesday, 25 August 2020 10:44 AM

U.S. consumer confidence fell for second straight month in August as a resurgence of virus cases in many parts of the country heightened pessimism about the economy.

The Conference Board, a New York-based research organization, reported Tuesday that its Consumer Confidence Index declined to a reading of 84.8 in August, down from 91.7 in July.

The drop indicated that the renewed shutdowns this summer as virus cases escalated had weighed on the attitude of consumers.

Consumer confidence is closely watched for signals it can send about consumers' willingness to spend in coming months. Consumer spending accounts for 70% of economic activity.

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U.S. consumer confidence fell for second straight month in August as a resurgence of virus cases in many parts of the country heightened pessimism about the economy. The Conference Board, a New York-based research organization, reported Tuesday that its Consumer Confidence...
consumer confidence, economy, august, cases, pessimism
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2020-44-25
Tuesday, 25 August 2020 10:44 AM
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