Spectrem Group said late Tuesday that its Millionaire Investor Confidence Index hit -8, a 10-month low, for August, though the group’s broader Affluent Investor Confidence Index stayed unchanged at -10.
Meanwhile, confidence among U.S. consumers fell by the most in 10 months in August over pessimism about job prospects and the economic outlook, according to the Conference Board, dropping to 60.6 from a revised 65.4 in July. The 4.8-point decline was the biggest since October, and this month’s confidence reading was the lowest since November, when it was 55.2.
But the consumer poll and Spectrem’s investor polls both showed bright spots.
“Consumers were more apprehensive about business and employment prospects, but more optimistic about their financial prospects despite rising inflation expectations,” said Lynn Franco, director of economic indicators at The Conference Board in New York, in a press release. The proportion of consumers expecting an increase in their incomes improved to 15.7% from 14.2% in August.