US Consumer Confidence Drops in August

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US Consumer Confidence Drops in August

 

US Consumer confidence has seen minor decline in August from six-year high. The interest rates have gone up and so are the prices of some products as economy picks up. The mood is surely optimistic, but there is a slight decline.

Market experts were expecting the consumer sentiment at 85.5, but the actual figure for August remained at 80, lower from 85.1 in July. The jobs market has improved and home building activity has picked up.

However, the housing market could face resistance as the interest rates have started rising. The stock portfolios have surged as the stock markets have been ruling strong over the past couple of months. The improvement in housing market has also raised the prices for houses and apartments in various regions.

The inflation is expected to remain in range of 2.9-3.1 percent over the next year. The recent sales figure released by retailer Wal-Mart also suggests that the shoppers are still spending money carefully. Wal-Mart stock was down yesterday after the retail major announced cut in estimated annual profit. Macy’s has also given cautious forecast on earnings.

 


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