The News
US consumers’ confidence rose in August as their expectations for the future improved, according to The Conference Board, a business research group.
The group’s monthly Consumer Confidence Index — which measures US consumers’ assessment of current economic conditions and their outlook for the next six months — rose to 103.3 from 101.9 in July.
Short-term expectations for income, business, and the index measuring confidence about the job market also rose, to 82.5 from 81.1 last month.
The anticipated US Federal Reserve rate cut in September is likely fueling optimism, according to Bloomberg, but overall consumer confidence remains far below pre-pandemic levels due to higher costs of living and dwindling job growth.
“Consumers’ assessments of the current labor situation, while still positive, continued to weaken, and assessments of the labor market going forward were more pessimistic,” said Dana Peterson, chief economist at The Conference Board.