The Conference Board’s Consumer Confidence Index slumped to 106.1 in August (consensus 116.0) from a downwardly revised 114.0 (from 117.0) in July. In the same period a year ago, the index stood at 103.6.
The key takeaway from the report is that receding optimism about employment conditions negatively affected consumers’ view of the present situation and outlook.
Falling Treasury yields, which took a sharp turn lower in response to this morning’s data, have been an integral support factor for stock market gains. The 2-yr note yield is down 13 basis points to 4.93% and the 10-yr note yield is down six basis points to 4.15%.