Conference Board News Release (08/28/12)

The Conference Board Consumer Confidence Index, which had improved in July, declined in August. The index now stands at 60.6, down from 65.4 in July. The confidence index is now at its lowest level since November 2011. The expectations index decreased to 70.5 from 78.4. The present situation index, however, was virtually unchanged, at 45.8 versus 45.9 a month ago.

“Consumers were more apprehensive about business and employment prospects, but more optimistic about their financial prospects despite rising inflation expectations,” says Lynn Franco, director of economic indicators at the Conference Board. Consumers’ appraisal of the labor market varied in August. Those stating jobs are “plentiful” declined to 7.0% from 7.8%, while those claiming jobs are “hard to get” edged down to 40.7% from 41.0%. Consumers expecting more jobs in the months ahead decreased to 15.4% from 17.6%, while those anticipating fewer jobs rose to 23.4% from 20.6%.

Wall Street Journal (08/29/12) Jeffrey Sparshott; Eric Morath

The U.S. economy grew 1.7% in the second quarter, somewhat faster than previously reported, according to a revised government estimate from the U.S. Department of Commerce. The revised figure is up slightly from the previously reported 1.5%, reflecting better trade, consumer spending, and state and local government spending figures. The revision matched the forecast of economists surveyed by Dow Jones Newswires.

Area Development Online (08/28/12)

British recruitment and staffing firm Alexander Mann Solutions will launch its North American headquarters in Cleveland. As an incentive, the Ohio Tax Credit Authority approved a 65%, eight-year job creation tax credit. More than 300 permanent jobs with a $12.9 million payroll will be created in the region.