U.S. consumer confidence declined for a second consecutive month in August, reflecting persistent inflation pressures and elevated energy costs.
The Conference Board’s Consumer Confidence Index fell to 89.4 from a downwardly revised 90.2 in July, the research group said on Tuesday. The July figure was originally reported as 90.8. Economists polled by Reuters had expected a drop to 90.2.
"Consumer confidence weakened slightly in August for the second consecutive month," said Dana Peterson, chief economist at the Conference Board. Consumers’ written assessments of economic factors turned marginally more pessimistic during the month, with concerns about price trends—particularly for oil and gasoline—remaining elevated.
Energy prices, driven higher by geopolitical tensions in the Middle East, continue to act as a drag on consumer spending. The U.S. inflation rate stood at 3.4% in July, a modest decline from 3.5% in June, according to government data.
The Conference Board’s report follows recent indications that U.S. consumers remain cautious amid sticky inflation and rising fuel costs, which have tempered discretionary spending and weighed on broader economic sentiment.
