USA: Michigan consumer confidence rises more than expected | news

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MICHIGAN (dpa-AFX) – US consumer sentiment brightened more than expected in August. The consumer climate surveyed by the University of Michigan rose by 3.6 points to 55.1 points compared to the previous month, as the university announced on Friday after a first round of surveys. Economists had only expected an increase to 52.5 points. In June, consumer sentiment had fallen to a record low of 50.0 points.

“Despite strength in the job market and some signs of improving inflation, consumer sentiment remains very low by historical standards,” commented Joanne Hsu, director of the survey. “In the current context, even strong labor markets are viewed as negative news as consumers see the challenges companies may face in hiring.” Over a one-year horizon, those surveyed expect an inflation rate of 5.0 percent. In June it was still 5.2 percent.

The indicator from the University of Michigan is a measure of the purchasing behavior of US consumers. It is based on a telephone survey of around 500 households. The financial and economic situation assessment and the corresponding expectations are queried./jsl/he

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