Confidence Hits Two-Year Low
The Conference Board's monthly measure of consumer confidence has hit its lowest level in two years, due largely to the stock market volatility of the last month.
The number dropped in August after increasing in July.
"A contributing factor may have been the debt ceiling discussions since the decline in confidence was well underway before the S&P downgrade," Lynn Franco, Director of The Conference Board Consumer Research Center, said as part of the announcement. "Consumers' assessment of current conditions, on the other hand, posted only a modest decline as employment conditions continue to suppress confidence."