💼 'Consumer confidence took a hit in August 2023, wiping out the upticks we saw in June and July,' reveals Dana Peterson, Chief Economist at The Conference Board. 😕
August's less-than-stellar headline number was due to dips in both current conditions and future expectations. 💭
Survey responses showed a clear trend: consumers are becoming increasingly concerned about rising prices, especially for everyday essentials like groceries 🍎 and gasoline ⛽.
The decrease in consumer confidence wasn't restricted to a particular demographic - it was noticeable among all age groups. Those earning a household income of $100,000 or more 💰 and those earning less than $50,000 were particularly affected, while the confidence of those in the $50,000-$99,999 bracket remained relatively unshaken. 📊