US August consumer confidence data from The Conference Board
- Prior was 129.1 (revised to 125.1)
- This is the lowest since Feb
- Estimates ranged from 110.0 to 131.0
- Full report
Details:
- Expectations 91.4vs 108.4 prior (revised to 103.8)
- Present situation 147.3 vs 160.3 prior (revised to 157.2)
- Jobs hard to get 11.8 vs 10.5 prior
"Consumer confidence retreated in August to its lowest level since February 2021(95.2)," said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. "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."
I worry there's going to be a buyers strike in durable goods in the same way that discretionary lumber buying collapsed when prices spiked.
Ahead of this report, I made the case for why it could be very weak, and that's what happened.
