US consumer confidence falls in August

By Ovunc Kutlu

ISTANBUL (AA) – US consumer confidence fell in August, coming in lower than market estimates, a New York-based research group said on Tuesday.

The consumer confidence index, a leading indicator of consumer spending and economic activity, plummeted 7.9 points to 106.1, according to the Conference Board.

The index was expected to come in at 116.0, while the figure stood at 114.0 in July.

Dana Peterson, chief economist at the Conference Board, said the figure erased "back-to-back increases in June and July."

"August's disappointing headline number reflected dips in both the current conditions and expectations indexes. Write-in responses showed that consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular," she added.