(RTTNews) - While Reuters and the University of Michigan released a report on Friday showing an upward revision to their reading on consumer sentiment in the month of August, the consumer sentiment index remained down sharply compared to the previous month.
The report showed that the consumer sentiment index for August was upwardly revised to 55.7 from the previously reported 54.9. Economists had expected the index to be upwardly revised to a reading of 56.0.
Despite the upward revision, the consumer sentiment index for August is still well below July's final reading of 63.7.
The upward revision to the headline index came as the index of consumer expectations was upwardly revised to 47.4 from 45.7. On the other hand, the current conditions index was downwardly revised to 68.7 from 69.3.
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