US Consumer Confidence Falls by More Than Forecast in August
- Drop was biggest in two years, erasing most of summer surge
- Higher borrowing costs curbed sentiment, Conference Board says
This article is for subscribers only.
US consumer confidence fell by the most in two years as souring views on the labor market, higher borrowing costs and lingering inflation curbed optimism.
The Conference Board’s index fell to 106.1 this month from 114 in July, data out Tuesday showed. The number was below all estimates in a Bloomberg survey, and the decline reversed most of the advance over the previous two months.