The Conference Board's consumer confidence index fell by 1.3 points to 97.4 in August from July's 98.7, remaining within a narrow three-month range. A short-term expectations measure dropped 1.2 points to 74.8, well below the 80 recession marker. Assessments of the current situation slipped to 131.2 from 132.8. Labor-market indicators weakened: employers added only 73,000 jobs in July, revisions cut 258,000 jobs from prior months, and unemployment rose to 4.2%. Job vacancies declined to 7.4 million and quits decreased. References to high prices and inflation increased and were often mentioned alongside tariffs.
While the unemployment and layoffs remain historically low, there has been a noticeable deterioration in the labor market this year, and mounting evidence that people are having difficulty finding jobs. U.S. employers added just 73,000 jobs in July, well short of the 115,000 analysts expected. Worse, revisions to the May and June figures shaved 258,000 jobs off previous estimates and the unemployment rate ticked up to 4.2% from 4.1%.
That report sent financial markets spiraling, spurring President Donald Trump to fire Erika McEntarfer, the head of Bureau of Labor Statistics, which tallies the monthly employment numbers. Another government report showed that U.S. employers posted 7.4 million job vacancies in June, down from 7.7 million in May. The number of people quitting their jobs - a sign of confidence in their prospects elsewhere - also fell.
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