US consumer sentiment edges up in August
By Michele Maatouk
Date: Friday 28 Aug 2020
(Sharecast News) - Consumer sentiment in the US improved a touch in August, according to final figures released on Friday.
The University of Michigan consumer sentiment index rose to 74.1 from 72.5 in July, coming in ahead of the preliminary estimate of 72.8 but below last August's reading of 89.8.
The current economic conditions index printed at 82.9 in August compared to 82.8 the month before and 105.3 in August 2019.
Meanwhile, the index of consumer expectations increased to 68.5 from 65.9 in July, but was below last August's 79.9.
Surveys of Consumers chief economist, Richard Curtin, said: "The small August gain reflected fewer concerns about the year-ahead outlook for the economy, although those prospects still remained half as favourable as six months ago."
Nancy Vanden Houten, lead US economist at Oxford Economics, noted that despite the modest improvement, the sentiment index remains nearly 23 points below pre-pandemic levels.
"The slow recovery, worries about the coronavirus and fading federal support for households are weighing on consumer sentiment. That is translating into slower growth in consumer spending, which remains 5% below pre-pandemic levels.
"Failure on the part of policymakers to enact another fiscal relief package poses downside risks to the outlook for both confidence and spending."
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