By Ed FranklU.S. consumer confidence in August tumbled more than expected, erasing increases in June and July, as employment optimism fell back and warning signs of a recession grew. Private research group The Conference Board said Tuesday that its consumer-confidence index fell to 106.1 from a downwardly revised 114.0 in July. The expectations-specific index declined to 80.2, reversing July's rebound to 88.0, now only slightly above the 80 that historically signals a recession within the next year. It comes amid receding optimism about employment conditions, after fewer consumers said jobs are plentiful and more said jobs are hard to get, Peterson said. Write to Ed Frankl at edward.frankl@wsj.com(END) Dow Jones NewswiresAugust 29, 2023 10:38 ET (14:38 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal August 29, 2023 14:48 UTC