Science

US: consumer confidence rises in August

US consumer confidence rose in August, helped by a slowdown in inflation, according to a final estimate released on Friday by the University of Michigan. The index stood at 58.2, up 13% from July and well above the 55.3 forecast, according to analyst consensus.

“The rise in consumer confidence is seen across all categories of age, education, wages, geographic origin and political affiliation and can be attributed to the recent slowdown in inflation,” he said. release. “Consumers with the lowest wages, who have fewer resources to hedge against inflation, reported an increase in their confidence in all components of the indicator,” Ms. Xu said.

After hitting a more than 40-year high of 9.1% in June, US annual inflation slowed to 8.5% in July, according to the consumer price index released on August 10. In general, it is higher than the PCE index released on Friday and approved by the Federal Reserve, which reports a price increase of 6.3% in July against 6.8% in June.

Fed Chairman Jerome Powell vowed Friday at a central bank conference in Jackson Hole, Wyoming, to continue the fight against rising prices, warning that households and businesses would “get hurt” but that inaction would have much more serious consequences for the economy.

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