Consumer Confidence in the United States at a Three-Month High

In a statement released by the University of Michigan in the US, the consumer confidence index recorded a three-month high in August amid optimism about the economic outlook.

In the US, University of Michigan Consumer Confidence Index rose to 55.1 from 51.5 in July. The level announced as a result of this report was expressed as the highest level in 3 months. The median forecast of economists participating in the Bloomberg survey was 52.5. Inflation expectations were mixed. While the long-term expectation increased from 2.9 percent to 3 percent, the 1-year inflation expectation decreased from 5.2 percent to 5 percent. The current conditions index fell from 58.1 to 55.5. Inflation data released in the country this week showed a decline from a 40-year peak of 8.5 percent with the decline in energy costs. However, food and housing prices increased, confirming the expectation that the Fed will continue to raise interest rates.