Consumer Confidence Plunges to Six-Year Low
Consumer confidence, a key indicator of the country’s economic health, has fallen to its lowest point in six years as the coronavirus recession shows little sign of letting up.
The Conference Board said Tuesday that its Consumer Confidence Index dropped to 84.8, the second consecutive monthly decline, from 91.7 in July.
“Consumer spending has rebounded in recent months but increasing concerns amongst consumers about the economic outlook and their financial well-being will likely cause spending to cool in the months ahead,” said Lynn Franco, senior director of economic indicators at The Conference Board.
Purchases by consumers account for about two-thirds of the U.S. economy, so any signs of low confidence among Americans can have serious implications for the economy going forward.