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Consumer confidence has fallen as concerns over steep declines in the stock market, the slow economic recovery, and America’s ability to meet its debt obligations mount, according to Consumer Edge Research.The firm’s Consumer Economic Index is now at 45.4, the lowest reading since the company began its research index in March 2010, according to Reuters.
Consumer Edge has said that it expects the Conference Board’s full-month consumer confidence index will be weaker than projected when the report is released on August 30. It expected the consumer confidence index to fall by 8 – 10 percentage points from the unrevised 59.5 July reading.
Here’s Consumer Edge’s breakdown for various income brackets compared with July (via Reuters):
- Consumer confidence for those with incomes under $40,000 declined 10 percentage points
- Consumer confidence for those with incomes between $40,000 – $100,000 declined 11 percentage points
- Consumer confidence for those with incomes over $100,000 declined 7 percentage points
Low-income consumers felt the most impact from July to August, while high-income consumers confidence levels have fallen the most since February highs.