A University of Michigan survey showed that the final consumer confidence index for the US fell to 51.7 in August, but was higher than the preliminary reading of 51.0, after reaching 55.2 in July. The index was affected by concerns about inflation, and both the current economic conditions index and the future expectations index declined in August. Consumers expect inflation to rise 4.0% over the next year, lower than the July forecast of 4.2%, and expect inflation to rise 3.3% over the next five years, unchanged from the July forecast.
