Consumer Confidence Index Increases to 105.6 in Au
New York, August 30--Consumer confidence in the U.S. rose in August according to The Conference Board's consumer confidence index, which climbed to 105.6 this month from a revised 103.6 in July.
The New York-based research group's report ran counter to a University of Michigan survey last week that showed the biggest drop in sentiment in more than year.
The outcome was better than any of 66 forecasts in a Bloomberg News survey of economists. The median forecast was for a drop to 101 from July's previously reported 103.2. Forecasts ranged from 95 to 104.5.
The Conference Board surveys 5,000 households on general economic conditions, their employment prospects and spending plans.
The component of the confidence index that tracks consumers' expectations for the next six months rose to 93.7 from 93.2. A gauge of optimism about the present situation rose to 123.6 this month, the highest since September 2001, from 119.3 in July.
The Conference Board survey found consumers less likely to buy a home in coming months, as surging prices made homes less affordable for the average family than at any time in the last 14 years. The proportion of consumers planning to buy a home in the next six months dropped to 3.4 percent, the lowest since November, from 3.8 percent.
