American consumers are feeling less confident as summer comes to a close as high prices and interest rates weigh on their willingness to spend.
A line of used luxury sports coupes sits outside at a McLaren dealership Sunday, Aug 27, 2023, in Highlands Ranch, Colo. Inflation in the United States edged up in July after 12 straight months of declines.
The Conference Board, a business research group, said its consumer confidence index tumbled to 106.1 in August from a revised 114 in July. Analysts were expecting a reading of 116. Consumers' view of current conditions fell to 144.8 from 153, and the index for future expectations slid to 80.2 from 88 in July. Readings below 80 for future expectations historically signals a recession within a year.
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