Consumer confidence rose 2.1 points in August, following a 3.9-point rise in July. Most of the rise occurred in the present situation series, which jumped 6.7 points to 94.6. The expectations series fell 1 point to 90.9.
Consumers Shrug Off Geopolitical Concerns
Consumers appear to be less concerned about all the disturbing headlines from conflicts in the Middle East and Eastern Europe, at least in the near term. Consumer confidence rose 2.1 points in August and is up 10.2 points over the past three months. The August rise in Consumer confidence brought the series back to its highest level since October 2007. Most of this past month’s increase was in the present situation component, which jumped 6.7 points to 94.6. y contrast, consumers’ expectations for future economic conditions fell 1 point to 90.9. Both series are up by roughly the same proportion over the past three months, however, and are also back to levels that are generally consistent with gradually improving economic conditions. The improvement comes at a tumultuous time. Most of the threats, however, have come from overseas. U.S. consumers are most concerned about their own employment and income prospects and the news here has been much more favorable.
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