Consumer worries fell in August

U.S. consumer confidence fell by the most in two years as souring views on the labor market, higher borrowing costs and lingering inflation curbed optimism.

The Conference Board’s index fell to 106.1 this month from 114 in July, data out Tuesday showed.

The number was below all estimates in a Bloomberg survey, and the decline reversed most of the advance over the previous two months.

The group’s measure of current conditions fell to 144.8, the lowest since November.

A gauge of expectations – which reflects consumers’ six-month outlook – dropped to 80.2, leaving it slightly above June’s level.

A gauge of expected inflation a year ahead edged up to 5.8%, marking the first uptick in five months.

While consumers have been enjoying some relief from abating inflation, still-high prices continue to weigh on sentiment.

Job drop exceeds expectations

U.S. job openings fell in July by more than expected to a more than two-year low, offering fresh evidence that labor demand is cooling.

The number of available positions decreased to 8.83 million from 9.17 million in June, according to the Bureau of Labor Statistics on Tuesday.

It marked the sixth decline in the past seven months.

The so-called quits rate, which measures voluntary job leavers as a share of total employment, dropped to 2.3%, the lowest since the start of 2021.

That implies Americans are less confident in their ability to find another job in the current market.

From wire reports