US Consumers Less Confident About Finances in August 2023

August 23, 2023—Cleanfax Staff

Anercican consumers feel over 7% less confident about their financial outlook this month than they did one year ago, according to the recently released WalletHub Economic Index.

The WalletHub Economic Index is a monthly survey that evaluates economic prospects based on 10 components of consumer sentiment. These components revolve around how people feel about their finances, purchasing plans and employment opportunities.

Key insights—Negative outlook

Increasing stress: Consumers’ stress levels regarding money are higher (+7.1%) in August 2023 compared to the same period last year.
Large purchases are not a priority: In August 2023, consumers’ likelihood of making a large purchase in the next six months is about 7% lower than it was last year.
Decreasing financial optimism: In August 2023, consumers’ optimism about their finances recorded a moderate decrease from the previous month. At the same time, the level of optimism decreased by more than 6% in the past year.
Decreasing interest in auto purchases: The share of consumers who expect to buy a car in the next six months is roughly 6% lower in August 2023 compared to last year.
Weaker sense of job security: People’s confidence in having a job in the next six months is lower (-5.2%) in August 2023 compared to last year.