US consumer confidence tumbles as labour market slows
Summary
Americans feel less confident about the U.S. economy due to a slowing job market. The consumer confidence index dropped this month, and more people are worried about job availability and their future income.Key Facts
- The consumer confidence index fell to 97.4 in August from 98.7 in July.
- People are concerned about the availability of jobs; this sentiment has decreased for eight months.
- U.S. employers added only 73,000 jobs in July, less than the 115,000 expected.
- The unemployment rate increased slightly to 4.2% from 4.1%.
- Job openings decreased from 7.7 million in May to 7.4 million in June.
- References to high prices and inflation went up, often linked to tariffs.
- There was a rise in the number of people expecting a recession in the next year.
- More people plan to buy a car, but plans to buy appliances or go on vacation dropped.
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