US consumer confidence falls in August as gas prices remain above $4 per gallon
Summary
US consumer confidence dropped slightly in August, reaching its lowest point in seven months, partly because gas prices stayed above $4 per gallon amid the conflict in Iran. While more people felt their current situation was good, fewer expected the economy and job market to improve soon.Key Facts
- The consumer confidence index fell to 89.4 in August from 90.2 in July.
- Gasoline prices remained high, above $4 per gallon, influenced by the conflict in Iran.
- People’s views on their current financial situation improved, but their outlook for the near future worsened.
- Inflation rose after President Trump took office in January 2025, especially since the Iran conflict began in February.
- The Federal Reserve’s preferred inflation measure (PCE price index) was 3.7% higher in June compared to a year ago.
- More people said jobs were plentiful in August (27%) than in July (24.4%), but fewer expected more jobs in the coming six months.
- The US job market lost 23,000 jobs in July, with earlier large payroll gains revised downward.
- The unemployment rate dropped to 4.1% partly because many people stopped looking for work.
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