Americans are growing wary of the job market amid continued signs labor demand is cooling, according to new data released from the Conference Board on Tuesday.
Overall, the latest consumer confidence index reading from the Conference Board showed an uptick in confidence this month, to 103.3 from 101.9 in July, though Conference Board chief economist Dana Peterson noted consumer feelings were "mixed" as labor market worries increased.
"Compared to July, [consumers] were more positive about business conditions, both current and future, but also more concerned about the labor market," Peterson said in a release.
"Consumers' assessments of the current labor situation, while still positive, continued to weaken, and assessments of the labor market going forward were more pessimistic. This likely reflects the recent increase in unemployment. Consumers were also a bit less positive about future income."
The report also found consumers grew more wary of the stock market after the early August sell-off, with less than half of consumers expecting stock prices to rise in the next year.
Inflation expectations, however, were more positive, with year-ahead expectations for price increases falling to the lowest level since March 2020. Confidence was also divided along demographic lines, with confidence in August falling for those under 35 and rising for those 35 and older.
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