The latest version of the Quikrete Industry Dashboard shows the Consumer Confidence Index back up over the 100 mark. The 103.2 Index reading for August is running ahead of June and July, but it’s significantly below last year’s mark of 115.2.
“Consumer confidence increased in August after falling for three straight months,” said Lynn Franco, senior director of economic indicators at The Conference Board. “The Present Situation Index recorded a gain for the first time since March. The Expectations Index likewise improved from July’s 9-year low, but remains below a reading of 80, suggesting recession risks continue. Concerns about inflation continued their retreat but remained elevated.”
On Friday, the U.S. Bureau of Labor Statistics reported that the national unemployment rate increased from 3.5 percent to 3.7 percent.
The Employment Situation Summary revealed that 315,000 jobs were created across the economy in August, with little change in the construction sector.
At the same time that the Consumer Confidence dial was rising, Wall Street stocks were falling last week. As of Sept. 1, the top right quadrant of the Stock Watch was void of ticker symbols, meaning all companies tracked are either down for the year or down for the month – or both.
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Metrics alert: The retail industry monthly sales report from the U.S. Census Bureau is scheduled for a Sept. 15 release.