American consumers are losing trust in the U.S. economy. Exhibit A is the latest Conference Board Consumer Confidence Index, which showed the index decline by 1.3 points in August, to 97.4. The Board’s Present Situation Index is also sliding, as it’s down 1.6 points for the month.
Perhaps most telling is the Conference Board’s most recent Expectations Index, which tracks where consumers believe business and labor market conditions are headed. That index is also down, falling 1.2 points to 74.8. According to the Board’s metrics, any EI digits below 80 typically signal that a recession is on the way.
