USA: rebound in Michigan consumer confidence confirmed

(CercleFinance.com) - US consumer confidence improved in August, at a slightly stronger pace than initially estimated, the final results of the University of Michigan's monthly survey showed on Friday.


Its confidence index rose to 67.9 this month, after 66.4 in July, whereas an initial estimate had put it at 67.8 two weeks ago.

Economists, on average, however, were forecasting a final figure of 68.

The sub-index measuring consumers' judgment of their current situation fell to 61.3 from 62.7 last month, but the one measuring the evolution of their expectations climbed to 72.1 from 68.8.

Joanne Hsu, the report's author, points out that the improvement in the sentiment of consumers who say they are Democrats has been particularly spectacular due to the recent turnaround in polling intentions.

Whereas in July, 51% of consumers expected Trump to win the presidential election, compared with 37% for Biden, only 36% still see Trump winning, compared with 54% for Harris, according to the University of Michigan.

Copyright (c) 2024 CercleFinance.com. All rights reserved.