U.S. consumer confidence rose to a six-month high in August as more upbeat views of the economy and inflation offset waning optimism about the labor market.
The Conference Board’s gauge of sentiment increased to 103.3 from an upwardly revised 101.9 a month earlier, data out Tuesday showed. The median estimate in a Bloomberg survey of economists called for a reading of 100.7.
A measure of expectations for the next six months rose to a one-year high of 82.5 in August, while a gauge of present conditions edged up.
Prospects for long-awaited interest rate cuts by the Federal Reserve, likely beginning next month, may help to further bolster sentiment and keep consumers spending. At the same time, confidence remains well shy of pre-pandemic levels due to a higher cost of living and, more recently, moderating job growth.
Source: thinkadvisor.com
