Consumer sentiment rebounds in August

Consumer sentiment rebounded in August for the first time in five months.

The latest University of Michigan consumer sentiment survey released Friday showed that sentiment ticked higher in August. The index reading for the month came in at 67.8, up from 66.4 in July and above the 66.9 economists had expected. It was the highest reading of consumer sentiment since June.

The reading on consumer sentiment comes amid a volatile two weeks for the stock market and the overall narrative surrounding the US economy. A weaker-than-expected July jobs report fueled concerns about how rapidly the US labor market is cooling, helping spark a market sell-off.

 

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