Economy: Consumer Confidence Index (CCI) for August 2024

Consumer Confidence Index® (CCI) for this month (August, 2024) was released by The Conference Board® this morning:

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Predicted: 100.0

Actual: 103.3

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Previous Month (revised): 101.9

Change from Previous Month: +1.37% (+1.4 points)

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The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...'Overall consumer confidence rose in August but remained within the narrow range that has prevailed over the past two years,' said Dana M. Peterson, Chief Economist at The Conference Board®. 'Consumers continued to express mixed feelings in August. Compared to July, they were more positive about business conditions, both current and future, but also more concerned about the labor market. Consumers’ assessments of the current labor situation, while still positive, continued to weaken, and assessments of the labor market going forward were more pessimistic. This likely reflects the recent increase in unemployment. Consumers were also a bit less positive about future income.'

Peterson added: 'Consumers were likely rattled by the financial market turmoil in early August, as they were less upbeat about the stock market. In August, 46.9% of consumers expected stock prices to increase over the year ahead (down from 50.6% in July), while 27.2% expected a decrease (up from 23.1%). August’s write-in responses also included more mentions of stock prices and unemployment as affecting consumer’s views of the US economy. However, consumers did not change their views about a possible recession: the proportion of consumers predicting a recession was stable and well below the 2023 peak.'..."

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Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

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