US con­sumer con­fi­dence rises sharply in Au­gust

The Myanmar Times - - International Business -

US con­sumer sen­ti­ment in Au­gust rose to its high­est level in al­most a year, with the pub­lic’s op­ti­mism about jobs and in­come show­ing im­prove­ment, the Con­fer­ence Board re­ported.

The monthly con­sumer con­fi­dence in­dex was at 101.1, up from 96.7 in July, which had seen a mar­ginal de­crease from June.

An­a­lysts had fore­cast a read­ing of only 97.0 for this month.

The share of con­sumers ex­pect­ing busi­ness con­di­tions to rise in the next six months rose from 15.7 per­cent to 17.3pc. Those ex­pect­ing things to worsen be­came less nu­mer­ous, fall­ing from 12.4pc to 11.1pc.

Ac­cord­ing to Ble­rina Uruci of Bar­clays Re­search, the higher read­ing sug­gests con­sumer spend­ing will be on the up­swing.

“The Au­gust data sug­gest that house­hold con­fi­dence has fully re­cov­ered from the soft patch in April and May,” she said. –

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