- The US MU consumer confidence index fell in August.
Consumer Confidence in the US it deteriorated sharply in August with the University of Michigan Consumer Confidence Index falling to 70.3 in August (final) from 81.2 in July. This reading beat the market expectation of 70.7.
Further details from the release revealed that the Current Economic Conditions Index fell to 78.5 from 84.5 and the Consumer Expectations Index fell to 65.1 from 79.
Commenting on the data, “the personal financial outlook continued to worsen due to lower income gains amid higher inflation trends,” said Surveys of Consumers chief economist Richard Curtin. “The extreme consumer reactions were due to the increase in the Delta variant, higher inflation, slower wage growth and a smaller decrease in unemployment.”
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