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Consumer confidence plunged in August while spending at chain stores fell at the end of the month, according to reports out Tuesday that heightened concerns about the viability of consumers, the most important players in the U.S. economy.
After rising for four consecutive months, the consumer confidence index fell 7.1% to 98.2 as sluggish job creation, high gasoline prices, a topsy-turvy stock market and continued terrorism and war concerns weighed on consumers, the private Conference Board reported.
"Until the job market and pace of hiring picks up, this cautious attitude will prevail," says Lynn Franco, director of the New York-based Conference Board's Consumer Research Center.
Assessments of both the current and future situations weakened while the portion of consumers who said jobs were plentiful also declined... usatoday.com]
After rising for four consecutive months, the consumer confidence index fell 7.1% to 98.2 as sluggish job creation, high gasoline prices, a topsy-turvy stock market and continued terrorism and war concerns weighed on consumers, the private Conference Board reported.
"Until the job market and pace of hiring picks up, this cautious attitude will prevail," says Lynn Franco, director of the New York-based Conference Board's Consumer Research Center.
Assessments of both the current and future situations weakened while the portion of consumers who said jobs were plentiful also declined... usatoday.com]