US: UoM Consumer Sentiment Index drops improves to 74.1 (final) in August vs. 72.8 expected

• Consumer Confidence in US improved modestly in August.
• Market mood remains upbeat with S&P 500 clinging to daily gains.

The University of Michigan's Survey of Consumers revealed that the Index of Consumer Sentiment improved slightly to 74.1 (final) in August from 72.5 in July. This reading came in better than the previous estimate and the market expectation of 72.8.

Further details of the publication revealed that the Current Economic Conditions Index ticked up to 82.9 from 82.8 and the Index of Consumer Expectations edged higher to 68.5 from 65.9.

Commenting on the data, "the small August gain reflected fewer concerns about the year-ahead outlook for the economy, although those prospects still remained half as favorable as six months ago," said Surveys of Consumers chief economist, Richard Curtin. "The pandemic has created distinctive consumer reactions to the economy."

Market reaction

This data doesn't seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Index (SPX) was up 0.3% on the day at 3,494.