U.S. consumer confidence hits one-year high

U.S. consumer confidence hits one-year high

NEW YORK – Aug. 30, 2016 – The Conference Board Consumer Confidence Index, which had decreased slightly in July, increased in August.

The Index now stands at 101.1 compared to 96.7 in July. The Present Situation Index rose from 118.8 to 123.0, while the Expectations Index that gauges consumers’ expectations six months from now improved from 82.0 last month to 86.4 in August.

“Consumer confidence improved in August to its highest level in nearly a year, after a marginal decline in July,” says Lynn Franco, director of economic indicators at The Conference Board. “Consumers’ assessment of both current business and labor market conditions was considerably more favorable than last month. Short-term expectations regarding business and employment conditions, as well as personal income prospects, also improved, suggesting the possibility of a moderate pick-up in growth in the coming months.”

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