Consumer confidence popped at the end of August
Consumer confidence picked up in the second half of August as confirmed coronavirus cases declined from record high levels.
By the numbers: Overall consumer confidence jumped 3.4 points in the past two weeks to 50.0 in the latest HPS-CivicScience Economic Sentiment Index, its highest reading since mid-March.
- Confidence in the overall U.S. economy jumped 6.6 points to 52.8.
- Confidence in finding a new job rose 4.8 points to 40.4, while confidence in making a major purchase rose 3.3 points to 46.4.
A similar survey that tracks daily changes from data provider Morning Consult also found consumer confidence had risen to its highest since the pandemic began roiling the United States.
Why it matters: Closely watched reports from the University of Michigan and the Conference Board that survey consumers through the middle of the month have shown confidence stagnating at yearslong lows in recent months.
- The new data suggest that the end of August marked a defined uptick.
Of note: While overall confidence has rebounded to pre-pandemic levels, the HPS-CivicScience data show confidence in finding a job and in personal finances remain significantly lower.