– The confidence index advanced to 101.1 (forecast was 97), the highest since September, from 96.7. The present situation index, a measure of current conditions, climbed to 123 from 118.8 and hit the highest level since late 2007.
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According to the Conference Board, US Consumer Confidence in August popped to the highest level since September 2015.
USA consumer confidence unexpectedly improved in August, according to data from the Conference Board.
“Consumers’ assessment of both current business and labor market conditions was considerably more favorable than last month”, said Lynn Franco, the group’s director of economic indicators. The biggest month-over-month growth took place among undecided consumers-those who intend to buy a home in the future but are not sure whether new or existing-as the rate increased from July’s 0.9% to 1.5% in August.
– 17.3 percent of respondents said they saw an improvement in business conditions in the next six months, the most since October, from 15.7 percent. Those claiming jobs were more “plentiful” increased from 23.0 percent to 26.0 percent, however, those claiming jobs are “hard to get” also rose, from 22.1 percent to 23.4 percent. As more than two-thirds of the United States economy is generated by consumer spending, the increase signals likely economic growth.
Thirty percent of respondents said business conditions were good in August, up from 27.3 percent in July, while 18.4 percent said conditions were bad, steady from the month before.
The Conference Board also found a more favorable outlook for the labor market and wages. The proportion who expect more jobs in the months ahead rose from 13.5 percent to 14.2 percent and those who anticipate fewer jobs remained virtually unchanged at 17.5 percent.
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Read the full release from the Conference Board here . The Conference Board is a non-advocacy, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States.
