The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (8-30-22) their Consumer Confidence Index® (CCI) for August 2022. After three consecutive months of declines, the CCI increased in August. The Index now stands at 103.2 (1985=100), up from its July reading of 95.3.
The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—improved to a reading of 145.4, up from its July reading of 139.7
The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—increased to a reading of 75.1, up from its July reading of 65.6.
In remarks prepared for the release of the CCI for August, Lynn Franco, Senior Director of Economic Indicators at The Conference Board, said:
“Consumer confidence increased in August after falling for three straight months. The Present Situation Index recorded a gain for the first time since March. The Expectations Index likewise improved from July’s 9-year low, but remains below a reading of 80, suggesting recession risks continue. Concerns about inflation continued their retreat but remained elevated.
Meanwhile, purchasing intentions increased after a July pullback, and vacation intentions reached an 8-month high. Looking ahead, August’s improvement in confidence may help support spending, but inflation and additional rate hikes still pose risks to economic growth in the short term.”
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