Consumer Confidence Dips in August, DEspite Slight Increase in Retail Sales

The US Consumer confidence index decreased in August to a score of 92.9, down from July’s 93.1. The index score was expected to increase.

Retail sales increased 0.6% in July, attributed to employment rates rising. July’s unemployment rate hitting a seven year low of 5.3%.

“Renewed strength in personal finances largely offset slight declines in prospects for the national economy and buying conditions. The declines in prospects for the economy probably reflect the expected increases in interest rates, while the eventual but small impacts from falling commodity prices,  and a weaker global economy have yet to occur,” stated Richard Curtin, director of the Michigan Survey of Consumers.

Source: PYMNTS.com