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The University of Michigan Consumer Confidence Index in the U.S. fell by about 6% in August.
According to a report by Golden Finance, the University of Michigan has released a survey indicating that the final consumer confidence index for the U.S. in August is 58.2, a decrease of about 6% from July, marking the first decline in four months. The survey shows that the current economic conditions index fell from 68.0 in July to 61.7; the consumer expectations index dropped from 57.7 in July to 55.9, also lower than the 72.1 recorded in August of last year. The survey indicates that as many as 43% of respondents mentioned that high prices are affecting their standard of living. This figure is higher than the 39% reported in July, representing the highest level in nearly five months. Joann Hsu, director of the University of Michigan's consumer survey project and an economist, stated that following a slight improvement in July, expectations for the U.S. labor market worsened in August. About 63% of respondents expect the unemployment rate to rise over the next year, up from 37% during the same period last year.