Consumer confidence in the US took a step back in August according the the University of Michigan/Thomson Reuters survey
Consumer confidence in the US took a step back in August according the the University of Michigan/Thomson Reuters survey. The index dropped to 79.2 from 81.8 in the prior month, coming in lower than analysts' expectations. The August reading is a nine-month low for the widely followed index. (As a reminder, this consumer confidence index is one of two major indices surveying American confidence, the other being the Conference Board's index which comes out at the end of the month.) The catalyst behind the decline is an overall poor outlook on wages. Keep in mind, Yellen and the Fed's main concern on the economy is subdued wage growth. It's also the reason the central bank plans on keeping interest rates at historically low levels until sometime in 2015. (VIEW LINK)
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