U.S. consumer confidence rose in August, according to the University of Michigan’s index, as expectations for the path of inflation improved.
In particular, falling natural gas prices helped push the consumer confidence index to 55.1 in August from 51.1 in July, beating economists’ expectations of a reading of 52.5, according to a Wall survey. Street Journal.
In separate data, a gauge of consumers’ perception of their finances and the health of the economy fell to 55.5 in August from 58.1 in July, while a measure of consumer expectations for the next six months climbed to 54.9 points in August from 47.3 the previous month.
In addition, consumers expect inflation to be at 5% over a one-year horizon, down from the 5.2% they forecast in July.
According to data from the University of Michigan, Americans remain concerned about the rising cost of essential goods such as food and rent, although a drop in the price of gasoline in recent weeks has lifted their spirits.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
