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August 12, 2021

Consumer Confidence Drops Again in August 2021, Marking Two Consecutive Months of Decline

by Jharonne Martis.

“With the Delta variant causing COVID‐19 cases to rise in the U.S. and jeopardizing the economic recovery, this month’s Refinitiv/Ipsos Primary Consumer Sentiment Index falls for the second month in a row. The significant drop in the Expectations Index is a reflection that consumers are no longer as optimistic about the future as they were earlier in the summer,” Chris Jackson of Ipsos states. “The Jobs Index also fell for the first time since December 2020, putting an end to its seven month growth streak.”

Jharonne Martis, Director of Consumer Research at Refinitiv, said, “Consumer worries about the future are reflected in the retail
earnings data. The Refinitiv Retail & Restaurant Index outlook for Q3 2021 is showing a slowdown in consumer spending from the previous two quarters. If consumers’ optimism improves around their future economic growth and job security, they will start spending more freely.”

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