US consumer confidence rose in August, helped by slowing inflation, according to the final estimate released Friday by the University of Michigan. The index stood at 58.2 points, 13% more than in July, and well above the 55.3 points forecast by the consensus of analysts.
“The rise in consumer confidence is seen across all categories of age, education, salary, geographic origin and political affiliation and can be attributed to the recent slowdown in inflation,” Joanne Hsu, director of the index, said in a statement. of press. release.
The fight against inflation will not be without consequences
After hitting a more than 40-year high of 9.1% in June, annual US inflation slowed in July to 8.5%, according to the CPI Consumer Price Index released on August 10. It is generally higher than the PCE index, revealed on Friday and favored by the Federal Reserve, which reports a 6.3% price rise in July, up from 6.8% in June.
Fed Chairman Jerome Powell pledged Friday at the central bankers’ conference in Jackson Hole, Wyoming, to continue fighting rising prices, warning that households and businesses would “suffer” but that inaction would have much more serious consequences for the economy.
For Matthew Martin of Oxford Economics, the increase in the index of the University of Michigan must be interpreted in hindsight.
Source: BFM TV
