Consumer confidence rises in August

Consumer confidence rose in August as Americans felt the economy was giving them positive vibes after seeing a decline in inflation. The Fed’s signal of a September rate cut has also helped boost confidence.

Business research group Conference Board’s key index climbed to 103.3 from July’s 101.9, reflecting improved short-term expectations.

The consumer confidence index measures people’s attitudes toward the current economy and their expectations for the next six months.

Despite the optimism, mixed feelings persist. The measure of current conditions improved to 134.4 from 133.1, but concerns about the job market remain.

The July jobs report showed slower growth and a rise in unemployment to 4.3%, while revised data revealed 818,000 fewer jobs than initially reported from April 2023 to March 2024.