Consumer confidence is slipping away, according to a new report from the National Association of Manufacturers.
According to the association, confidence decreased by 0.8 points in August to 89.4.
They found that the present situation index may have improved, but the expectations index did not. This means that many consumers' concerns are more about the future than the present.
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The Present Situation Index reflects current business and labor market conditions. That rose 6.8 points to 121.2.
The Expectations Index, which reflects customers' short-term outlook for income, business and labor market conditions, fell 5.8 points to 68.2.
They added that it remains below the recession signal threshold of 80.
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The report adds that consumers who believe a recession is “very likely” over the next year have ticked up as well.
While plans for buying cars have remained strong, home-buying expectations have declined. Consumers are planning to buy other big-ticket items, however, including smartphones.
The group found that overall consumers' views of their current financial situation weakened.
