Consumer confidence in the economy has declined, with the Conference Board's index dipping to 89.4 in August. This is the lowest level in seven months, although it remains within a lukewarm range seen since the beginning of the year. The ongoing conflict in Iran has contributed to US gasoline prices staying above $4 per gallon, likely affecting Americans' views on the economy.

Respondents' views of their present situation have improved, but their short-term outlook has soured. Elevated inflation over the past five years has left many frustrated with the economy.

Further details on the consumer confidence index and its implications are available from the Conference Board's report.