U.S. consumer confidence dropped in August to its lowest point since May, according to the Conference Board, a business research group in New York. The group’s Consumer Confidence Index fell to 98.2, down from 105.7 in July.
The Conference Board report followed employment reports for June and July that were weaker than expected. “The slowdown in job growth has curbed consumers’ confidence,” said Lynn Franco, director of The Conference Board’s Consumer Research Center, in a statement. “The level of consumer optimism has fallen off, and caution has returned. Until the job market and pace of hiring picks up, this cautious attitude will prevail.”
The Conference Board surveys 5,000 households for each monthly report.