How consumers feel right now/Another mfr'g survey

The August consumer confidence index from the Conference Board fell to 97.4 from a revised 98.7 in July (from 97.2 initially) but that was just above the estimate of 96.5. For perspective, this figure has averaged 96.8 year to date. The Present Situation was down slightly while the Expectations component was up a bit. One year inflation expectations did lift to 6.2% from 5.7% in July and 5.9% in June.

On the rise in inflation expectations, the Conference Board said “Consumers’ write-in responses showed that references to tariffs increased somewhat and continued to be associated with concerns about higher prices. Meanwhile, references to high prices and inflation, including food and groceries, rose again in August.”

The answers to the Current labor market questions did weaken again with those saying jobs were Plentiful slipping to just off the least since March 2021. Those that see jobs as Hard to Get rose 1.1 pts to 20, the highest since February 2021. As for 6 month Expectations of the labor market, after rising in July, those that see ‘more jobs’ fell by .1 pt m/o/m while those that see ‘fewer jobs’ rose to a 4 month high. Income expectations fell .4 pts after rising by 1.1 pts last month.

Spending intentions were mixed. After falling in July by 1.2 pts, plans to buy a vehicle rose by .7 pts. Plans to buy a home held at a 4 month low. For major appliances, spending plans were uneven.