NEW YORK — U.S. consumers grew more downbeat about the economy for a second straight month, weighed down by high gasoline prices.
The Conference Board, a U.S. economic research group, said on the 25th that its preliminary consumer confidence index for August came in at 89.4, down 0.8 point from 90.2 in July. The reading also fell short of market expectations of 90.2.
High fuel costs and rising living expenses appear to have weighed on sentiment, with the average price of gasoline at U.S. service stations topping $4 a gallon during the survey period. The expectations index, which reflects consumers' short-term outlook, fell 5.8 points to 68.2. The present situation index, which gauges current business and labor market conditions, rose 6.8 points to 121.2, rebounding for the first time in four months.
Dana Peterson, chief economist at the Conference Board, said consumers' views of the current labor market had improved but had turned pessimistic about business conditions and the job market over the next six months.
