In the News – Consumer Sentiment Improves in Early August

In the News – Consumer Sentiment Improves in Early August

Consumer confidence inched upward in early August due to more favorable prospects for the overall economy offsetting a small pullback in personal finances, according to the University of Michigan Consumer Sentiment Survey.

The index increased to 90.4 from the previous reading of 90. Current Economic Conditions index fell to 106.1 from 109, while the Index of Consumer Expections rose to 80.3 from 77.8.

“Most of the weakness in personal finances was among younger households who cited higher expenses than anticipated as well as somewhat smaller expected income gains,” said surveys economist Richard Curtin.

“Overall, the data remains consistent with real personal consumption expenditures improving at an annual rate of 2.6% through mid 2017, with new and existing home sales also benefitting from low mortgage rates.”

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