Consumer confidence is slipping away, according to a new report from the National Association of Manufacturers.
According to the association, confidence decreased 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 regarding 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 customer's short-term outlook for income, business and labor market conditions, fell 5.8 points to 68.2.
They added that 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 has ticked up as well.
While plans for buying cars has remained strong, home-buying expectations has declined. Consumers are planning to buy other big-ticket items however, including smartphones.
The group found that overall consumer's views of their current financial situation weakened.
