U Mich Confidence

In the final August reading, the University of Michigan’s consumer sentiment gauge grew to 68.9 from July's final reading of 67.8.  Economists had forecast the reading would be unchanged from the original estimate of 69.6.  The survey’s measure of current conditions, which asks if now is a good time to make big-ticket purchases, rose to 78.3, from 76.5.  The measure of expectations for six months in the future, which historically has correlated more closely with consumer spending than the headline number, increased to 62.9 from July’s reading of 62.3.

Summary:  Consumer confidence rebounded slightly after a sharp decline in July, which had been the lowest reading since November.

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