U.S. Consumer Confidence Declines Amid Higher Gas Prices

Why it matters locally: The decline in U.S. consumer confidence and sustained high gas prices will affect District of Columbia residents' purchasing power, particularly given the city's reliance on imported goods and services.

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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.