US consumer confidence rises in August, but University of Michigan sceptical

Better expectations for the economy overall and for personal financial prospects saw US consumer confidence rise in August, the results of a widely-followed survey showed.

Nevertheless, the survey compiler's expectations was that the recent political ruckus was likely to upset the proverbial apple cart.

Preliminary results for August saw the University of Michigan's consumer confidence index rise from a reading of 93.4 for July to 97.6.

A gauge of consumers' current expectations fell back from 113.4 to 111.0 but was more than offset by a jump in the expectations sub-index from 80.5 to 89.0.

According to the survey's chief economist, Richard Curtin: "too few interviews were conducted following Charlottesville to assess how much it will weaken consumers' economic assessments. The fallout is likely to reverse the improvement in economic expectations recorded across all political affiliations in early August.

"Moreover, the Charlottesville aftermath is more likely to weaken the economic expectations of Republicans, since prospects for Trump's economic policy agenda have diminished."