US consumer confidence records highest monthly gain since March 2021

By Ovunc Kutlu

ISTANBUL (AA) - US consumer confidence rebounded strongly in August from the previous month, according to the New York-based The Conference Board on Tuesday.

The consumer confidence index, a leading indicator of consumer spending and economic activity, soared 9.5 points to 108.7 in August.

While the index came in much higher than market expectations of 99.5, it stood at 99.2 in July.

"Consumer confidence recorded the strongest monthly gain since March 2021, but still did not break free of the narrow range that has prevailed over the past two years," said Dana Peterson, chief economist at The Conference Board.

"Compared to last month, consumers were substantially more optimistic about future business conditions and remained positive about future income," she added. "Also, for the first time since July 2023, they showed some cautious optimism about future job availability."

Average 12-month inflation expectations rose to 5.3% in October from 5.2% the month before.