Consumers Are Feeling A Little Better In August — But Not By Much

Source: CNBC

A key measure of consumers' attitudes is slightly higher so far this month, but didn't rise as much as expected, according to preliminary data released Friday.

The Index of Consumer Sentiment hit 90.4 in August, the University of Michigan said. Economists expected the consumer sentiment index to hit 91.5, versus 90 in July's final reading, according to a Thomson Reuters consensus estimate.

Consumers' more favorable prospects for the overall economy offset a small pullback in personal finances, said Richard Curtin, the survey's chief economist.

"Most of the weakness in personal finances was among younger households who cited higher expenses than anticipated as well as somewhat smaller expected income gains," Curtin said in a statement. "Concerns about Brexit have faded amid rising references to the outcome of the presidential election as a source of uncertainty about future economic prospects."

Read more: http://www.cnbc.com/2016/08/12/consumer-sentiment-preliminary-for-august-2016-released-by-the-university-of-michigan.html