US consumer confidence falls to lowest level in 7 months as gas prices remain elevated
Summary
Consumer confidence in the U.S. dropped to its lowest point in seven months in August 2026. Rising gas prices above $4 per gallon and ongoing concerns about the economy and global conflicts have made Americans more worried about their financial future.Key Facts
- The consumer confidence index fell to 89.4 in August, down from 90.2 in July.
- Gasoline prices have stayed above $4 per gallon, influenced by the conflict in Iran.
- Views on the current economy slightly improved, but feelings about the near future became more negative.
- Inflation remains high, with a key government measure showing 3.7% inflation in June, up from before the Iran war began.
- The job market showed mixed signals: more people said jobs were plentiful now, but fewer expect job growth in the next six months.
- The U.S. lost 23,000 jobs in July, and previous months’ job numbers were revised down by 103,000.
- The unemployment rate fell to 4.1%, largely because many people stopped looking for work.
- Americans’ concerns about prices, war, food costs, and trade increased in August.
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