Economic Buzz: US consumer confidence index edges lower in August

A report released by the Conference Board on Tuesday showing a modest deterioration by consumer confidence in the U.S. in the month of August.

The Conference Board said its consumer confidence index dipped to 97.4 in August from an upwardly revised 98.7 in July.

The report said the present situation index, which is based on consumers' assessment of current business and labor market conditions, also fell to 131.2 in August from 132.8 in July.

The Conference Board said the expectations index, which is based on consumers' short-term outlook for income, business, and labor market conditions, also dipped to 74.8 in August from 76.0 in July and remains below the threshold of 80 that typically signals a recession ahead.

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