Americans grew ‘more pessimistic’ about the job market in August while overall confidence rose

Americans are growing wary of the job market amid continued signs labor demand is cooling, according to new data released from the Conference Board on Tuesday.

Overall, the latest consumer confidence index reading from the Conference Board showed an uptick in confidence this month, to 103.3 from 101.9 in July, though Conference Board chief economist Dana Peterson noted consumer feelings were “mixed” as labor market worries increased.

“Compared to July, [consumers] were more positive about business conditions, both current and future, but also more concerned about the labor market,” Peterson said in a release.

“Consumers’ assessments of the current labor situation, while still positive, continued to weaken, and assessments of the labor market going forward were more pessimistic. This likely reflects the recent increase in unemployment. Consumers were also a bit less positive about future income.”

 

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