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UPDATE:Consumer sentiment turned higher after three consecutive months of decline, new data out of the University Michigan shows.
The key barometer of consumer confidence rose to 73.6 in August, up from 72.3 a month earlier.
Economists polled by Bloomberg had forecast a decline to 72.2.
Current economic conditions proved the boon for the survey, with the sub-index jumping to 87.6.
Nonetheless, Americans became more pessimistic about the future, with more saying they expected to be the country to be in a worse financial position over the next year.
“The rebound in Michigan sentiment should certainly be taken with a grain of salt as the uptick in the headline index came largely on the back of current conditions,” TD Securities Gennadiy Goldberg said following the report. “The slip in expectations was more in line with the weaker readings on earlier-week Philly Fed and Empire State indices however, suggesting that ongoing uncertainty continues to weigh on sentiment.”
Minutes away from the final major data point of the week: U.S. Consumer Confidence.
Economists polled by Bloomberg forecast sentiment measured by the University of Michigan will tick slightly lower in August, to 72.2 from 72.3 a month earlier.
If that holds, it would represent the lowest reading of the year.
The report is expected at 9:55 a.m. ET.
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