The Conference Board Reports their Consumer Confidence Index Declined in August

The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (8-31-21) their Consumer Confidence Index® (CCI) for August 2021. The CCI declined in August, following a decrease in July (a downward revision). The Index now stands at 113.8 (1985=100), down from 125.1 in July. The Present Situation Index — based on consumers’ assessment of current business and labor market conditions — fell to 147.3 from 157.2 last month. The Expectations Index — based on consumers’ short-term outlook for income, business, and labor market conditions — fell to 91.4 from 103.8.

In a statement prepared for the release of this month’s CCI, Lynn Franco, Senior Director of Economic Indicators at The Conference Board said, “Consumer confidence retreated in August to its lowest level since February 2021 (95.2). Concerns about the Delta variant — and, to a lesser degree, rising gas and food prices — resulted in a less favorable view of current economic conditions and short-term growth prospects. Spending intentions for homes, autos, and major appliances all cooled somewhat; however, the percentage of consumers intending to take a vacation in the next six months continued to climb. While the resurgence of COVID-19 and inflation concerns have dampened confidence, it is too soon to conclude this decline will result in consumers significantly curtailing their spending in the months ahead.”