US consumer confidence fell in early August as a growing number of Americans fretted about their finances even though they expected the broader economy to improve, a survey showed today.
The Reuters/University of Michigan Surveys of Consumers said its preliminary reading of the index of confidence for August fell to 63.2 from 66 in July. This was below economists' median expectation of a reading of 68.5, according to a Reuters poll.
The index of consumer expectations fell to 62.1 in early August, its lowest reading since March and down from 63.2 in July.
“Consumers reported much less favourable assessments of their personal finances even as they were more likely to expect improved conditions in the national economy,” the Reuters/University of Michigan Surveys of Consumers said in a statement.
The fewest consumers in the survey's sixty-year history reported improved finances, with many citing job losses, shorter working hours and smaller wage gains, said the survey.
Reuters
