Commerce Department issues report on inflation-adjusted spending.
The Department of Commerce released a report that reflects U.S. consumer confidence dropping for the third straight month in a row, reaching its lowest point in seven months. Concerns over higher prices and the Delta variant of COVID-19 have affected American optimism, according to the Conference Board.
Views of present and short-term business conditions outlook also faded as consumers are less optimistic about their future income and job prospects.
A study by the University of Michigan showed consumer sentiment edging up in early September but remained close to a near-decade low. Their report said high prices drove the declines from buying conditions for durable goods such as appliances and automobiles.
As the Lord Leads, Pray with Us…
- For officials in the Commerce Department as they assess the state of the economy.
- For the Federal Reserve and federal economists as strategies are developed to address inflation.
- For American families as price increases put pressure on household budgets.
Sources: Bloomberg News, Reuters
