There is another strain of good news for the economy, one that adds another potential ingredient for a more a stable financial picture, and that could contribute to better bank rates if it proves sustainable.
It’s the latest consumer confidence number, which was better than most expected. According to the Conference Board, the August number clocked in at 53.5 — higher than the 50 level most economists predicted.
Though viewed as a “short-term” blip by the Board, short-term confidence is better than no confidence at all. Still, the Board isn’t too excited. "Employment concerns continue to weigh heavily on consumers' attitudes," said Lynn Franco, director of Conference Board's consumer research center, in a statement. "Expectations about future business and labor market conditions have brightened somewhat, but overall, consumers remain apprehensive about the future.
Some further good news — there are faint signs of consumer confidence heading upward for more than just one month. The Conference Board also reports that the July consumer confidence index was upwardly revised to 51.0 from a prior estimate of 50.4.
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