US consumer confidence falls to seven-month low
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US consumer confidence declined to 89.4 in August, marking the lowest level since early 2026 according to The Conference Board. This 0.8-point drop was driven by a deteriorating outlook for future business conditions and income prospects, compounded by high petrol prices above US$4 a gallon linked to renewed hostilities in the US-Iran conflict. While consumers expressed more negative views on the future, current perceptions of the job market improved, reaching the widest positive differential recorded in 2026.
Consequences
Continued economic pressure from elevated fuel costs and a slowdown in hiring may keep consumer spending constrained, as evidenced by a recent decline in July retail sales. If supply concerns regarding the US-Iran conflict persist, fuel prices are likely to remain elevated, potentially further dampening household expectations for the upcoming six-month period.
Sources
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