Despite some recently improving economic data, consumer confidence dropped in August to its lowest level since late last year, according to a leading indicator released Tuesday.
Despite some recently improving economic data, consumer confidence dropped in August to its lowest level since late last year, according to a leading indicator released Tuesday.
The Conference Board’s consumer confidence index fell to 60.6 this month, from 65.4 in July, driven not by what people feel about the current situation but their concerns about where the economy is headed.
The reading was the lowest since November.
The index had ticked up in July after four monthly declines.
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A gauge of consumer sentiment declined in January, hitting the lowest level since December 2011, according to a Friday report from the University of Michigan-Thomson Reuters.
After Thurston County consumer confidence rose to a new high in the fourth quarter of 2012, it fell sharply in the first quarter of 2013 as a result of concerns about the federal government’s “sequestration,” the $85 billion in automatic spending cuts that are set to be phased in.
Consumer confidence plunged sharply in December thanks to the political drama unfolding in the nation’s capital.
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