CB Consumer Confidence Rises To 103.3, Beating Analyst Expectations

On August 27, 2024, The Conference Board released CB Consumer Confidence report for August.

The report indicated that CB Consumer Confidence improved from 101.9 in July to 103.3 in August, compared to analyst consensus of 100.7.

The Present Situation Index increased from 133.1 in July to 134.4 in August, while the Expectations Index improved from 81.1 to 82.5. A reading of the Expectations Index below 80 usually signals a recession ahead.

The Conference Board commented: “Consumers continued to express mixed feelings in August. Compared to July, they were more positive about business conditions, both current and future, but also more concerned about the labor market.”

U.S. Dollar Index settled near the 100.75 level as traders reacted to the better-than-expected CB Consumer Confidence report. Treasury yields are moving higher, but this move does not provide support to the American currency.

Gold remains stuck below the key resistance at $2520 – $2530. Rising Treasury yields serve as a bearish catalyst for gold markets.

SP500  pulled back towards 5610 as traders focused on the Consumer Confidence data. It remains to be seen whether the report will provide additional support to major indices as traders may stay focused on rising Treasury yields. From a big picture point of view, traders continue to take profits after the strong rebound from August lows.

For a look at all of today’s economic events, check out our economic calendar.