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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Consumer Confidence Slips Backward In August

Consumer confidence slipped backward from July to August, according to the Reuters/University of Michigan consumer sentiment survey, released moments ago.

The index -- a combination of how consumers are feeling about their situation right now and how they envision their situation six months down the road -- sat at 65.7 in August, a slight retreat from July's 66 reading.

It was a four-month low for the index. The read did, however, beat expectations, which forecast it to fall further.

The current-condition consumer sentiment index fell from 70.5 in July to 66.6 in August.

However, the consumer-expectation index -- a gauge of how confident buyers feel about making a big purchase in the next six months -- rose from 63.2 in July to 65 in August, underscoring the optimistic nature of Americans.

-- Frank Ahrens
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By Frank Ahrens  |  August 28, 2009; 9:56 AM ET
Categories:  The Ticker  | Tags: consumer confidence  
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Comments

I see millions of Americans as feeling the present economy as a house built on sand with a storm coming. When their unemployment benefits run out they will still be unable to find jobs. For survival people will then burn through their savings, retirement funds and credit cards. This may get them through another year but mark my word, the days will come when they will be out of money, jobless and cannot meet even minimum credit card payments. This tanking of yet another side of the credit industry and personal financial chaos may well be the beginning of violent social unrest as well as further economic collapse. Unless there is some unseen economic recovery soon, I fear for the very stability of our country.

Posted by: Yeat2009 | August 28, 2009 11:34 AM | Report abuse

People are smart.

They know obama is destroying the economy with excessive spending, regulation and "uncertainty."

They know you can't spend your way to prosperity.

They know printing money will end badly.

They know obama has surrounded himself with anti-American marxist socialists.

How could consumer confidence possibly have gone up?

Posted by: steveb777 | August 28, 2009 12:41 PM | Report abuse

obama missed his debt estimate by 25% in a few months.

obama missed his unemployment estimate by 25% in a few months.

That is hardly confidence inspiring!

Posted by: steveb777 | August 28, 2009 12:44 PM | Report abuse

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