The Discover U.S. Spending Monitor — an indicator of consumer confidence — dropped in 1.4 points in August, to 91.0.
51% of survey respondents said the economy was getting worse.
This report marked the first time since September 2012 that a majority of respondents thought the economy is souring.
40 per cent of survey respondents making more than $US75,000 a year said the economy is getting worse, a 9-point jump from last month.
In the last few months, we’ve seen massive sell-offs in the bond market. It’s possible that consumers are finally realising that the result — rising interest rates — could bleed their retirement portfolios.
And consumers and market-watchers alike are prepping for a big fall season, when the Federal Reserve will likely decide on the future of its bond purchasing program, Congress will yet again square off over the debt ceiling, and President Obama will announce the next Fed chair.
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