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    September 1, 2021

    Consumer Confidence Retreats in August on COVID Concerns

    Written by David Schollaert

    U.S. consumer confidence declined for the second straight month in August, following a downward revision for the month prior, according to the latest data from The Conference Board. The August index fell by 11.03 points month on month after slipping 3.8 points in July.

    “Consumer confidence retreated in August to its lowest level since February 2021 (95.2),” said Lynn Franco, senior director of economic indicators at The Conference Board. “Concerns about the Delta variant—and, to a lesser degree, rising gas and food prices—resulted in a less favorable view of current economic conditions and short-term growth prospects. Spending intentions for homes, autos, and major appliances all cooled somewhat; however, the percentage of consumers intending to take a vacation in the next six months continued to climb. While the resurgence of COVID-19 and inflation concerns have dampened confidence, it is too soon to conclude this decline will result in consumers significantly curtailing their spending in the months ahead.”

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

    Read more from David Schollaert

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