U.S. Consumer Confidence Declines Amid Higher Gas Prices

Why it matters locally: The decline in U.S. consumer confidence, driven by persistent high gas prices, will likely be felt in New Jersey, where residents also face elevated fuel costs impacting household budgets and potentially discretionary spending.

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The Conference Board reported Tuesday that its consumer confidence index decreased in August. The index registered 89.4, a decline from 90.2 in July. This marks the lowest point for the index in seven months. Analysts link this decline to ongoing economic factors, including the consistent price of gasoline. Gas prices have remained above $4 per gallon across the United States.