NMMA reports consumer confidence slip in August
The National Marine Manufacturers Association (NMMA) recently reported that U.S. consumer confidence declined in August, according to the latest report released by The Conference Board. NMMA shared:
The August Consumer Confidence Index headline index fell 1.3 points to 97.4, down from 98.7 in July. The Present Situation Index declined to 131.2, while the Expectations Index dropped to 74.8—well below the 80-point threshold that historically signals recession risk.
Consumers reported more concern about tariffs and their impact on prices, particularly for groceries, along with reduced optimism around job availability and income prospects, as recent data indicates a slowdown in job growth with employers adding fewer jobs than expected.
The report showed future purchasing plans varied by category, with intentions to buy cars and appliances ticking up, housing demand holding steady, and plans for electronics, vacations, and discretionary spending declining.
Declines across both present and future confidence indexes suggest households may become more hesitant to make large discretionary purchases, including boats. While the Federal Reserve is expected to consider cutting rates in September to support growth, consumers’ pessimism and cautious spending habits may limit the near-term impact of lower borrowing costs.
