Consumer Confidence Pops to Best Since October 2007; "Present Situation" Input Jumps
U.S. consumer confidence climbed 2.1 points to 92.4 in August after bouncing 3.9 points to 90.3 in July (revised from 90.9). That's the best read since October 2007. All of the strength was in the present situations index which rose to 94.6 from 87.9 (revised from 88.3). The expectations component slipped to 90.9 from 91.9 (revised from 92.7). The labor differential improved to -12.4 from -15.3 (revised from -14.8). The 1-year inflation gauge rose to a 5.5% pace from 5.4%. Data are better than expected, aided by the improving job market and ongoing central bank largess.
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