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The Conference Board Consumer Confidence Index increased in August, following a modest increase in July. The Index now stands at 133.4 (1985=100), up from 127.9 in July. The Present Situation Index improved from 166.1 to 172.2, while the Expectations Index increased from 102.4 last month to 107.6 this month.
The monthly Consumer Confidence Survey, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was August 17.
"Consumer confidence increased to its highest level since October 2000 (Index, 135.8), following a modest improvement in July," said Lynn Franco, Director of Economic Indicators at The Conference Board. "Consumers' assessment of current business and labor market conditions improved further. Expectations, which had declined in June and July, bounced back in August and continue to suggest solid economic growth for the remainder of 2018. Overall, these historically high confidence levels should continue to support healthy consumer spending in the near-term."
Consumers' appraisal of current conditions improved further in August. Those stating business conditions are "good" increased from 38.1% to 40.3%, while those saying business conditions are "bad" declined from 10.3% to 9.1%. Consumers' appraisal of the labor market was also more favorable. Those claiming jobs are "plentiful" was virtually unchanged at 42.7%, while those claiming jobs are "hard to get" declined from 14.8% to 12.7%.
Consumers' optimism about the short-term outlook bounced back in August. The percentage of consumers anticipating business conditions will improve over the next six months increased from 22.9% to 24.3%, but those expecting business conditions will worsen marginally rose, from 10.3% to 10.5%.
Consumers' outlook for the labor market was mixed. The proportion expecting more jobs in the months ahead decreased from 22.6% to 21.7%, while those anticipating fewer jobs also decreased, from 15.2% to 14.1%. Regarding their short-term income prospects, the percentage of consumers expecting an improvement rose from 20.4% to 25.5%, while the proportion expecting a decrease declined, from 9.4% to 7.0%.
About The Conference Board
The Conference Board is a global, independent business membership and research association working in the public interest. Our mission is unique: To provide the world's leading organizations with the practical knowledge they need to improve their performance and better serve society. Winner of the Consensus Economics 2016 Forecast Accuracy Award (U.S.), The Conference Board is a non-advocacy, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States.
About Nielsen
Nielsen Holdings plc is a global performance management company that provides a comprehensive understanding of what consumers watch and buy. Nielsen's Watch segment provides media and advertising clients with Total Audience measurement services for all devices on which content — video, audio and text — is consumed. The Buy segment offers consumer packaged goods manufacturers and retailers the industry's only global view of retail performance measurement. By integrating information from its Watch and Buy segments and other data sources, Nielsen also provides its clients with analytics that help improve performance. Nielsen, an S&P 500 company, has operations in over 100 countries, covering more than 90% of the world's population.
