August 28, 2012
Consumer Confidence Falls To 9-Month Low
By Rick Saia
Consumer confidence in the U.S. in August fell to its lowest level since November 2011 as consumers became more pessimistic about business and employment prospects, but more optimistic about their financial prospects despite rising prices, according to The Conference Board.
The monthly survey by The Conference Board registered a 60.6 on a scale of 1 to 100, falling from 65.4 in July. In November 2011, the index registered a 55.2.
Experts polled by Yahoo expected a reading of 66.5. Lynn Franco of The Conference Board said consumers' assessment of current conditions was virtually unchanged, suggesting no significant pickup or deterioration in the pace of growth.
The survey found the following among consumers:
- Those claiming business conditions are "good" improved to 15.2 percent from 13.7 percent, while those saying business conditions are "bad" was unchanged at 34.4 percent.
- Appraisal of the labor market varied. Those stating jobs are "plentiful" declined to 7 percent from 7.8 percent, while those claiming jobs are "hard to get" edged down to 40.7 percent from 41 percent.
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