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US consumer confidence falls to lowest level in 7 months with gas stuck above $4
The Conference Board said the index fell to 89.4 in August as higher gasoline prices and weaker job expectations weighed on consumers.
- On Tuesday, The Conference Board reported consumer confidence dipped to 89.4 in August from 90.2 in July, marking the lowest level in seven months.
- Ongoing conflict in Iran has steadily pushed gasoline prices above $4 per gallon, with consumers citing geopolitical tensions and food costs as primary economic concerns.
- While 27% of consumers say jobs are "plentiful," up from 24.4% in July, only 14.6% expect more jobs available in the next six months, down from 16.4% last month.
- Persistent frustration with five years of elevated inflation poses risks to President Donald Trump and Republicans in midterm elections less than 70 days away, as Trump blames Democrat Joe Biden.
- The government reports July PCE data on Wednesday, a measure the Federal Reserve prefers, with June inflation at 3.7%, elevated since the Iran war began Feb. 28.
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(New York = Yonhap News) Correspondent Lim Soo-jung = The Consumer Confidence Index, which quantifies the economic conditions and outlook perceived by U.S. consumers, fell slightly in August amid the aftermath of high oil prices...
·Seoul, Korea (the Republic of)
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US consumer confidence falls in August, Conference Board says
Aug 25 (Reuters) - U.S. consumer confidence fell in August to its lowest in seven months as households' outlooks for the labor market and inflation worsened, a survey showed on Tuesday. The Conference Board said its consumer confidence index dropped ...
Coverage Details
Total News Sources25
Leaning Left9Leaning Right2Center9Last UpdatedBias Distribution45% Left, 45% Center
Bias Distribution
- 45% of the sources lean Left, 45% of the sources are Center
45% Center
L 45%
C 45%
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