US consumer confidence falls to lowest level in 7 months as gas prices remain elevated

WASHINGTON (AP) — Americans’ confidence in the economy declined again this month as the ongoing conflict in Iran has keeps gas prices elevated at more than $4 a gallon.

The Conference Board said Tuesday that its consumer confidence index dipped to 89.4 in August from 90.2 in July. That’s the lowest level in seven months but essentially in the same lukewarm range its been in since the beginning of the year. In late 2024 and early 2025 the readings were consistently above 100.

Respondents’ views of their present situation improved, but their outlook for the near-term future soured.

Americans remain frustrated with the economy after five years of elevated inflation, potentially posing a risk to President Donald Trump and Republicans in the midterm elections, which are less than 70 days away.