{"id":8580,"date":"2013-08-18T17:39:43","date_gmt":"2013-08-18T17:39:43","guid":{"rendered":"http:\/\/disnaija.com\/nigerian-newspapers\/us-consumer-sentiment-weakens-in-august\/"},"modified":"2013-08-18T17:39:43","modified_gmt":"2013-08-18T17:39:43","slug":"us-consumer-sentiment-weakens-in-august","status":"publish","type":"post","link":"https:\/\/disnaija.com\/us-consumer-sentiment-weakens-in-august\/","title":{"rendered":"US consumer sentiment weakens in August"},"content":{"rendered":"
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United States consumers, bracing for higher interest rates and slightly slower economic growth, were a bit less optimistic in August as sentiment retreated from last month\u2019s six-year high, a survey released on Friday showed.<\/p>\n

The Thomson Reuters\/University of Michigan\u2019s preliminary reading on the overall index on consumer sentiment slipped to 80.0 from 85.1 in July, the highest since July 2007.<\/p>\n

Reuters reported that August\u2019s result was well below the 85.5 reading expected by economists.<\/p>\n

Consumers\u2019 view of current economic conditions showed the biggest decline, and most expected the pace of growth to ease slightly<\/p>\n

. However, these changes were not large enough to upend \u201cthe prevailing view that the economic expansion will continue,\u201d survey director Richard Curtin said in a statement.<\/p>\n

\u201cPerhaps the most important recent changes have been the increase in home values as well as the jump in the numbers that expect interest rate increases during the year ahead,\u201d he added.<\/p>\n

Long-term interest rates have risen by more than a full percentage point over the last three months on the view that the Federal Reserve will start scaling back as soon as next month its hefty support for the economy.<\/p>\n

That has pushed up mortgage rates, which could sap some of the strength from a housing recovery that has been pushing prices higher for more than a year.<\/p>\n

On Thursday, wary investors sold both stocks and bonds in expectation of higher rates, sending benchmark 10-year Treasury yields to a two-year high above 2.8 per cent.<\/p>\n

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Source: Punch Newspaper<\/p>\n

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