Industry News

Consumer confidence takes biggest hit since Katrina

More Americans see dismal future for jobs, incomes

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The Conference Board today announced that its Consumer Confidence Index posted a sharp decline in August -- falling from 107 to 99.6 -- as more Americans expect business conditions and job supply to worsen. "Consumer confidence lost significant ground in August and is now at its lowest level this year," said Lynn Franco, director of The Conference Board Consumer Research Center. "Less favorable business conditions coupled with a less favorable job scenario have resulted in the largest one-month decline in confidence since Hurricane Katrina last year. Looking ahead, the glass remains half empty as consumers are growing increasingly more pessimistic about the short-term outlook." Consumers' overall assessment of current conditions was significantly less favorable in August, as the present situation index decreased to 123.4 from 134.2. Those claiming conditions are "good" decreased to 26.1 percent from 27.3 percent. Those claiming conditions are "bad" increased to 16.7 percent from 15 p...