Tuesday’s report by Conference Board has showed a recovery in consumer confidence in August according to preliminary data.
Several analysts have pointed out the rebound in confidence to its highest level since May 2022 took pace as fuel prices fell throughout the month and stock prices rose during the first half of it.
Lower fuel prices throughout the month and a rebound in equities through the first half of August blew fresh life into consumer confidence in August.
Today’s figure of 103.2 was a bigger gain than the consensus had expected and returns confidence to a level last seen in May. While fuel prices have continued to trend lower throughout the month, stock prices have not.
The roughly 6.5% decline in the S&P 500 since August 16 could weigh on confidence if markets remain under pressure.
Employers have really reported some difficulty finding the right labour, this is still true, moreover, monetary policymakers are charting a course that is intended to bring labour supply and demand more into balance.
Next Friday, the official employment report will be released, and analysts would be surprised by job growth continuing anywhere near the July rhythm in the upcoming months, so observers expect employers added 325K people to their payrolls in August.
Tags Consumer Confidence fuel prices
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