Consumer confidence drops to 89.4 in August as forward-looking expectations plunge by nearly six points to 68.2
According to new data released today, consumer confidence has dropped to its lowest level in seven months as high gas and diesel prices — driven by Donald Trump’s deadly and costly war with Iran — push up prices on everything else, from groceries to housing. The Expectations Index, which measures future economic optimism, fell significantly in August as consumers felt more pessimistic about Trump’s hollow job market.
The average household has had to spend more than $3,500 extra since Trump took office. The average price of a gallon of gas currently sits at $4.09, and Americans have already spent $71.5 billion more on gas since Trump started his war — approximately $604 per household.
Meanwhile, Trump’s wealth exploded by as much as $15.5 million just through stocks he owned in oil and gas companies at the end of 2025.
In response, DNC Rapid Response Director Kendall Witmer released the following statement:
“Donald Trump’s reckless tariffs and war with Iran have pushed everyday Americans to the brink as prices soar and job cuts mount; it’s no wonder they’re feeling terrible about Trump’s economy. Working families are stretching their budgets thin to afford gas, groceries, and housing, all while Trump profits. Americans are begging for some breathing room — and there’s no relief in sight as Trump turns a blind eye and Republicans greenlight his disastrous economic agenda.”
As Americans struggle to keep up with high costs, including housing costs, the average price of a new home rose by 4.1% between June and July and is now 5.4% higher than in July 2025. On top of that, new home sales plummeted by 10.5% in July compared to June, and down 6.3% from last year.
