Consumers More Confident in August but Not Exactly Ready to Dance
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The U.S. consumer felt a little more confident in August, according to data released Friday by Thomson Reuters/University of Michigan. The consumer confidence index showed an increase to 73.6. Analyst expected consumer confidence to remain mostly unchanged from July, when the index was 72.3.
This wasn't the first bit of positive economic data this week. Tuesday data showed a pickup in retails sales in July, which many believe is directly tied to consumer confidence. While both of these data points are positive, questions remain about their sustainability, especially in light of rising gas prices, weak employment, and an increasingly nasty presidential election.
It is also important to note that the Michigan Consumer Confidence figure is a preliminary reading and subject to change. However, the consumer is a huge engine for the U.S. economy, and if the numbers hold up it would certainly be a boost, especially if it translates into another pick up in retail sales in August.
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This wasn't the first bit of positive economic data this week. Tuesday data showed a pickup in retails sales in July, which many believe is directly tied to consumer confidence. While both of these data points are positive, questions remain about their sustainability, especially in light of rising gas prices, weak employment, and an increasingly nasty presidential election.
It is also important to note that the Michigan Consumer Confidence figure is a preliminary reading and subject to change. However, the consumer is a huge engine for the U.S. economy, and if the numbers hold up it would certainly be a boost, especially if it translates into another pick up in retail sales in August.
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