U.S. consumer confidence unexpectedly improved in August following increased jitters earlier this summer.
The Thomson Reuters/University of Michigan preliminary August index of consumer sentiment increased to 73.6, from 72.3 the prior month. This was the highest level since May, defying market expectations for a reading of 72.2.
The index had edged lower in June and July.
The current economic conditions index climbed to 87.6 from 82.7, but the survey's measure of consumer expectations slipped to 64.5 from 65.6, indicating consumers expect to be thrifty in the coming months.
Earlier in the week, Commerce Department figures showed U.S. retail sales rebounded by more than expected in the month of July. Sales were up 0.8 percent to a seasonally adjusted level of $403.9 billion.
by RTT Staff Writer
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