With gas stuck above $4, U.S. consumer confidence falls to lowest level in 7 months
Summary
U.S. consumer confidence fell to its lowest point in seven months in August, mainly because gasoline prices stayed above $4 per gallon due to tensions in Iran. While people felt somewhat better about their current situation, they were less hopeful about the near future.Key Facts
- The consumer confidence index dropped to 89.4 in August from 90.2 in July.
- This is the lowest confidence level since January.
- Gasoline prices have stayed over $4 per gallon partly because of ongoing conflict in Iran.
- The index has been generally low all year, compared to above 100 at the end of 2024 and start of 2025.
- People’s views of their current financial situation improved slightly.
- However, their expectations for the short-term economy got worse.
- The Conference Board provided this consumer confidence data.
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