US consumer confidence rebounded more than expected in August after three consecutive monthly declines, with holiday intentions rising to an eight-month high, a potential positive sign for consumer spending.
The Conference Board reported on Tuesday (30) that its consumer confidence index rose to a reading of 103.2 this month, from 95.3 in July.
Economists polled by Reuters had predicted the index would rise to 97.7.
The survey’s current status index, based on consumers’ assessment of the current state of business and the job market, rose to 145.4 from 139.7 in July.
The expectations index, based on the short-term outlook for income, business and the labor market, rose to 75.1 from 65.6 last month.
“Purchase intentions rose after a pullback in July, and holiday intentions hit an eight-month high,” said Lynn Franco, senior director of economic indicators at the Conference Board.
“August’s improvement in confidence could help support spending, but inflation and further interest rate hikes still pose risks to short-term economic growth.”
Source: CNN Brasil
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