U.S. consumer confidence index rose to 103.3 in August, the highest level in six months
2024-08-28
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
China News Service, Washington, August 27 (Reporter Sha Hanting) Data released by the Conference Board on the 27th local time showed that the U.S. consumer confidence index rose to 103.3 in August, the highest level in six months.
Data showed that the US consumer confidence index was 103.3 in August, up 1.4 from 101.9 in July, higher than market expectations.
Specifically, the current situation index based on consumers' assessment of current business and labor market conditions rose to 134.4 from 133.1 last month. The expectations index based on consumers' short-term outlook for income, business and labor market conditions rose to 82.5 from 81.1 last month. Typically, if the index is below 80, it indicates that a recession will follow.
The data also showed that in August, the consumer confidence index for those under 35 years old declined, while that for those 35 and above increased; the consumer confidence index for those with an annual income below US$25,000 declined, while that for those with an annual income of US$25,000 and above increased.
Dana Peterson, chief economist of the Conference Board, said that the data released that day showed that American consumers' confidence in the overall economic future has increased, but their concerns about the labor market have increased.
According to data recently released by the Department of Labor, the U.S. unemployment rate increased by 0.2 percentage points month-on-month to 4.3% in July this year, the highest since October 2021.
US media analysis believes that the rise in the consumer confidence index in August was mainly affected by the "cooling" of inflation and the expectation of the Federal Reserve to cut interest rates in September. Personal consumption expenditures account for 70% of the US economy, and the rise in the consumer confidence index is "good news" for the US economy.
Federal Reserve Chairman Powell said on the 23rd that the time has come for the Federal Reserve to cut interest rates, and the timing and pace of the cut will depend on upcoming data, changing prospects and the balance of risks. (End)
