Economy
August 28, 2017
Consumers Feeling Better About Economy
Written by Peter Wright
Consumer confidence increased again in August, according to The Conference Board.
The composite value of consumer confidence in August was 122.9, up from 120.0 in July. The first estimate for July was revised down slightly. The last seven months have each been better than at any time since 2001. The three month moving average (3MMA) increased from 118.3 in July to 120.1 in August, which was 21.4 points higher than in August last year. Consumers are feeling better about the present economic environment, though their expectations have been muted for the last three months. Consumer confidence is the driver of consumer spending, which is the largest component of GDP and which ultimately drives a large portion of steel consumption.
