Consumer confidence in the United States rose in August because Americans are feeling better about the economy, according to Rob Williams, the deputy financial editor of Newsmax MoneyNews.
"They also have jobs, and that's one thing that we have seen this year is that people are getting jobs. The jobs numbers look much better than they did a year ago," Williams told Rick Ungar, guest host of "The Steve Malzberg Show" on Newsmax TV.
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The Thomson Reuters/University of Michigan's final August reading on the overall index on consumer sentiment came in at 82.5, up from 81.8 the month before. It was above the median forecast of 80.1.
At the same time, Williams said, spending went down.
"They're getting jobs, but their wages aren't growing. That's the one fly in the ointment here," he said.
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