But headwinds keep consumers on the defensive
Following a steep decline in July, preliminary data showed that the University of Michigan’s consumer sentiment survey increased from 67.8 last month to 69.6 in mid-August, slightly above expectations.
The small increase could lend support to spending during August, but consumers continue to deal with job insecurities, high unemployment and the shaky home prices.
The increase is definitely welcome, but the trend has deteriorated over the past couple of months. Until the job market firms, small increases in consumer sentiment are probably the best we can hope for.
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