US consumer confidence falls for second month in August

U.S. consumer confidence fell for second straight month in August as a resurgence of virus cases in many parts of the country heightened pessimism about the economy.  PHOTO CREDIT: Colleen McGrath

WASHINGTON — U.S. consumer confidence fell for second straight month in August as a resurgence of virus cases in many parts of the country heightened pessimism about the economy.

The Conference Board, a New York-based research organization, reported today that its Consumer Confidence Index declined to a reading of 84.8 in August, down from 91.7 in July.

The drop indicated that the renewed shutdowns this summer as virus cases escalated had weighed on the attitude of consumers.

Consumer confidence is closely watched for signals it can send about consumers’ willingness to spend in coming months. Consumer spending accounts for 70% of economic activity.