US consumer confidence rises less than expected

Consumer confidence rose less than expected in August.

The University of Michigan’s preliminary reading for the month rose to 90.4, less than the bump expected by economists.

Expectations were for the reading to rise to 91.5, up modestly from the reading of 90 seen at the end of July.

“Confidence inched upward in early August due to more favourable prospects for the overall economy offsetting a small pullback in personal finances,” said Richard Curtin, chief economist for the survey.

Concerns around how Brexit could impact markets and the economy, which had impacted higher-income households last month, also seem to have been replaced by uncertainty regarding the outcome of the US election.

“Concerns about Brexit have faded amid rising references to the outcome of the presidential election as a source of uncertainty about future economic prospects,” Curtin said.

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