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The US stock market continues to decline, with the Nasdaq falling by 1.00%.
BlockBeats News, August 29th, the U.S. stock market continued its decline, with the Nasdaq falling by 1.00%.
Joanne Hsu, director of the University of Michigan Consumer Survey, stated that the final value of the U.S. Consumer Confidence Index matched the preliminary value, with a decrease of about 6% from July. Although the current index is about 11% higher than the levels in April and May, it is still at least 10% lower than it was six and twelve months ago. The decline this month was widespread among different age, income, and stock wealth groups, and the public's views on various aspects of the economy have deteriorated. Due to increased concerns about high prices, the purchasing conditions for durables have dropped to the lowest point in a year, and current personal financial conditions have decreased by 7%. Expectations for business conditions and the labor market also contracted in August.
However, despite being relatively subdued compared to a year ago, personal financial expectations for this month remained stable. It is worth noting that very few consumers voluntarily mentioned recent events from the Bureau of Labor Statistics and the Federal Reserve (the survey was conducted until Monday, August 25th, the day President Trump announced the dismissal of Fed Governor Powell). (FX678)
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