US consumer confidence wanes as summer draws to a close

By MATT OTT
AP Business Reporter

American consumers are feeling less confident as summer comes to a close as high prices and interest rates weigh on their willingness to spend. The Conference Board, a business research group, said its consumer confidence index tumbled to 106.1 in August from a revised 114 in July. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. Both measures saw significant declines in August. Consumers’ view of current conditions fell to 144.8 from 153, and the index for future expectations slid to 80.2 from 88 in July. A reading below 80 historically signals a recession within a year.