The only noteworthy economic data released this morning is the latest update on the popular consumer confidence index from The Conference Board. Specifically, this sentiment measure jumped in August to 101.1, a significantly better than expected rebound from July’s downward-revised 96.7 print, and the best headline reading in 11 months. Optimism about current economic conditions improved markedly in August, with 30 percent of consumer respondents stating that business conditions are “good,” and 26 percent claiming that jobs are “more plentiful.” In fact, the percentage of surveyed consumers describing jobs as “more plentiful” less the percentage reporting jobs as “hard to get” climbed to the best reading since January 2008 this month. Americans’ outlooks for the near future also firmed in August, with 17.3 percent of respondents expecting business conditions to improve over the next six months, and 14.2 percent anticipating more jobs to be available. Moreover, the percentage of surveyed consumers who said that they expect their incomes to increase in the months ahead lifted from 17.1 percent to 18.8 percent in August, and reported plans to buy big-ticket items like a car or a home over the next half a year also rose.
Sources: Econoday, Twitter, Bloomberg, ZH, The Conference Board, Advisor Perspectives (Dshort), FRBSLPost author: Charles Couch