US August consumer confidence 113.8 vs 124.0 expected

• Expectations 91.4vs 108.4 prior (revised to 103.8)
  
• Present situation 147.3 vs 160.3 prior (revised to 157.2)
  
• Jobs hard to get 11.8 vs 10.5 prior
• 1 year inflation expectations % vs 6.6% prior

"Consumer confidence retreated in August to its lowest level since February 2021(95.2)," said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. "Concerns about the Delta variant-and, to a lesser degree, rising gas and food prices-resulted in a less favorable view of current economic conditions and short-term growth prospects. Spending intentions for homes, autos, and major appliances all cooled somewhat; however, the percentage of consumers intending to take a vacation in the next six months continued to climb. While the resurgence of COVID-19 and inflation concerns have dampened confidence, it is too soon to conclude this decline will result in consumers significantly curtailing their spending in the months ahead."

I worry there's going to be a buyers strike in durable goods in the same way that discretionary lumber buying collapsed when prices spiked.

Ahead of this report, I made the case for why it could be very weak, and that's what happened.

September 01, 2021 at 02:00AM
Adam Button
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