Thomson Reuters/University of Michigan: Confidence Posts Slight Gain
ANN ARBOR. Consumer confidence improved slightly in the August survey due to consumers more favorable evaluations of their present financial situation. Rather than citing income changes, consumers were more likely to cite reductions in the amount of their outstanding debt. These improvements, however, did not extend into the future, as their financial prospects for the year ahead remained unchanged at negative levels. The majority of consumers anticipated no wage gains in the year ahead, and the majority expected falling inflation-adjusted incomes. Perhaps more distressing, half reported that their financial situation was now worse than it was five years ago, and half expected no improvement in the next five years. Click here to view the full release.
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