Consumer confidence across the United States was expected to improve in August compared to the previous month, according to the preliminary report published by Michigan University on Friday.
The first results showed the consumer sentiment index climbed more than expected 7% to 55.1 this month versus July, with consumer expectations soaring 16.1% to 54.9. On the other hand, the current economic conditions slipped by 4.5% to 55.5. All three indices still stood significantly lower compared to the same period a year ago.
"All components of the expectations index improved this month, particularly among low and middle-income consumers for whom inflation is particularly salient. The year-ahead economic outlook rose substantially to just above its average reading from the second quarter 2022," the report concluded.
