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Consumer Confidence At Lowest Point Since Katrina

Stock market blues, eroding home values dampen consumers' optimism

August 28, 2007

The Conference Board Consumer Confidence Index gave back all of July’s gain, with the Index falling to105.0, down from 111.9 in July. The Present Situation Index decreased to 130.3 from 138.3 in July. The Expectations Index declined to 88.2 from 94.4.

The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS. TNS is the world's largest custom research company. The cutoff date for August's preliminary results was August 22nd.

“A softening in business conditions and labor market conditions has curbed consumers' confidence this month,” said Lynn Franco, Director of The Conference Board Consumer Research Center.

“In addition, the volatility in financial markets and continued sub-prime housing woes may have played a role in dampening consumers' spirits. But, despite less favorable conditions and in spite of all the recent turmoil, consumers still remain confident. And, current Index levels suggest further economic growth in the months ahead.”

Consumers' assessment of present-day conditions in August was less upbeat than in July. Those claiming conditions are "good" decreased to 26.4 percent from 28.3 percent, while those saying conditions are "bad" increased to 16.3 percent from 14.5 percent.

Consumers were also less positive in their appraisal of the labor market.

Those saying jobs are "hard to get" increased to 19.7 percent from 18.7 percent. Those claiming jobs are "plentiful" decreased to 27.5 percent from 30.0 percent in July.

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