US consumer confidence rises in August as Americans' optimism about future improves

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US consumer confidence rises in August as Americans' optimism about future improves

2024-08-27 22:54 Last Updated At：23:00

American consumers felt more confident in August as their outlook for the future improved.

The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 103.3 in August from 101.9 in July.

The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.

The measure of Americans’ short-term expectations for income, business and the job market rose to 82.5. July's figure was revised up to 81.1 from its initial reading of 78.2, ending a five-month stretch below 80. A reading under 80 can signal a potential recession in the near future.

Consumers’ view of current conditions rose to 134.4 in August from 133.1 last month.

Consumer spending accounts for nearly 70% of U.S. economic activity and is closely watched by economists for signs how the American consumer is feeling.

Though the report's topline numbers all improved slightly from July, consumers continued to have mixed feelings about the economy.

"Consumers’ assessments of the current labor situation, while still positive, continued to weaken, and assessments of the labor market going forward were more pessimistic,” said Dana Peterson, the Conference Board's chief economist.

Peterson said that dreary view was likely spurred by the July jobs report, which showed slowing job growth and a rise in the unemployment rate to 4.3%.

On top of the weak July jobs data, the government reported last week that the U.S. economy added 818,000 fewer jobs from April 2023 through March this year than were originally reported. The revised total added to evidence that the job market has been steadily slowing.

Though inflation has largely receded from 2022 highs, the cost of essentials continues to chip away at American consumers' savings and optimism.

Write-in responses to the Conference Board's survey were still focused on prices and inflation, even as 12-month inflation expectations fell to their lowest level since March of 2020, when the coronavirus pandemic upended the U.S. economy.

The Federal Reserve began raising its benchmark lending rate in March of 2022 in an attempt to fight the inflation that took hold in the wake of the pandemic. Higher borrowing costs, combined with rising prices, had consumers in a foul mood for the better part of the past two years.

Some help could be on the way though. Fed officials have strongly suggested that an interest rate cut is coming at its September meeting, giving some relief to consumers and businesses.

Kazakhstan is into the United Cup semifinals, Iga Swiatek and Poland qualify for the final eight

2025-01-01 16:24 Last Updated At：16:31

PERTH, Australia (AP) — Kazakhstan has advanced to the United Cup mixed teams tennis tournament semifinals with a 2-1 win over over a German team playing without the injured world No. 2-ranked Alexander Zverev.

Zverev was a late scratch for Germany on Wednesday due to a biceps injury. He was scheduled to face Alexander Shevchenko but withdrew at the last minute with Kazakhstan leading the tie 1-0 after Elena Rybakina beat Laura Siegemund 6-3, 6-1.

Shevchenko beat Zverev's replacement, Daniel Masur, 6-7 (5), 6-2, 6-2 to clinch the tie for Kazakhstan while Zverev watched from the sidelines. Germany won the later mixed doubles.

Shevchenko took a medical timeout due to heat exhaustion while leading 1-0 in the second set. He came back from the break to dominate the rest of the match.

“It was a heat problem for sure,” Shevchenko said. “I had a bit of a headache, my head was spinning. It was a struggle this match. To play in this heat was so tough."

The United States played China on Wednesday night in the second quarterfinal in Perth. Coco Gauff and Taylor Fritz led the U.S. into the quarterfinals with a win in their final round-robin match on Tuesday.

On Wednesday, Gauff was scheduled to play Gao Xinyu, Fritz was to play Zhang Zhizhen and in the mixed doubles, Gauff and Fritz were to take on Zhang Shuai and Sun Fajing.

In Sydney, Iga Swiatek and Hubert Hurcacz won their deciding mixed doubles match over the Czech Republic to qualify Poland for the quarterfinals.

World No. 2 Swiatek and Hurcacz beat Tomáš Macháč and Karolína Muchová 7-6 (3), 6-3 in the decider at Sydney’s Ken Rosewall Arena. The Polish team led 5-2 before allowing the Czechs back into the first set.

In earlier singles, Macháč gave the Czech Republic the lead with a 7-5, 3-6, 6-4 win over Hurcacz before Swiatek evened the tie with a 6-3, 6-4 win over Muchová.

Later Wednesday in Sydney, Britain played Australia for a place in the quarterfinals. In women's singles, Katie Boulter gave Britain a 1-0 lead with a 6-2, 6-1 win over Olivia Gadecki. Alex de Minaur was scheduled to play Billy Harris in men's singles in an effort to level the tie for Australia.

In the mixed doubles, Boulter was scheduled to play but not de Minaur for Australia. The two players are engaged to be married.

In Sydney, Italy earlier won Group D to qualify for the quarterfinals. Winners of the past two Davis Cups and runners-up two years ago to the U.S. in the inaugural edition of the season-opening mixed teams’ event, Italy won its group without world No.1 Jannik Sinner.

All tournament play shifts to Sydney from Thursday through to Sunday's final.

AP tennis: https://apnews.com/hub/tennis