Industry News

Consumer confidence dips

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Consumer confidence fell slightly in August due to greater concerns about the sluggish pace of growth in employment, according to the latest University of Michigan Survey of Consumers. "Consumers have proved to be remarkably resilient in the face of a wide range of adverse economic developments. Despite higher gas prices, sluggish job growth and rising interest rates, consumer confidence has remained largely unchanged during the past three months," according to Richard Curtin, the director of the University of Michigan's Surveys of Consumers. The overall level of the Sentiment Index in the August survey was nearly identical to its average since the start of 2004. "Just as earlier in the expansion, consumers will continue to be the engine of economic growth during the year ahead," Curtin said. The Index of Consumer Sentiment was 95.9 in the August 2004 survey, between the 96.7 in July and the 95.6 in June. The Expectations Index, a closely watched component of the Index of Leading Eco...