Consumer confidence rose in August as inflation and gas prices stabilized

Consumer confidence surged in August

After three consecutive monthly declines, US consumer confidence rebounded in August as inflation eased and gas prices fell.

Analysts polled by data provider FactSet had expected consumer confidence to rise slightly as gas prices have fallen in recent weeks.

The Conference Board said on Tuesday that its consumer confidence index rose to 103.2 this month from 95.3 in July.

The business research group’s Current Situation Index – which measures consumers’ perceptions of current business and labor market conditions – rose to 145.4 for the first time since March, from 139.7 in July.

The Board’s Expectations Index — a measure of consumers’ six-month outlook for income, business and working conditions — rose to 75.1 in August from 65.6 last month.

Instagram is adding new features for users

Instagram, which is scrambling to improve its algorithm to keep up with TikTok, is asking for some input from its users.

The social media app, owned by Meta Platforms, now allows users to select multiple posts at once and indicate that they are “not are interested. t already follows.

Instagram is also testing a feature that would allow users to mute certain words, hashtags, or emojis that might appear in the posts Instagram puts in their feed from people they don’t already follow.

Best Buy reported lower earnings in the second quarter

Best Buy posted lower profits and sales in the second quarter as the country’s largest consumer electronics chain grappled with flagging consumer demand for gadgets and high costs impacting its supply chain.

But the results released on Tuesday beat analysts’ expectations.

Best Buy’s sales during the peak of the pandemic were fueled by outsize spending by shoppers who splurged on gadgets to help them work from home or help their kids with virtual learning. Last year, spending was also boosted by government stimulus packages.

But rising prices for basic necessities like food and petrol have forced families to be more cautious. For example, they do without new clothes, electronics and furniture.

US job vacancies rose
unexpected in July after a sizeable month-on-month upward correction, underscoring ongoing tightness in the labor market. The number of positions available rose to 11.2 million for the month – beating all estimates – by a revised figure
11 million in June, the Labor Department’s Labor Openings and Labor Turnover Survey, or REVERSE, showed Tuesday. The data comes ahead of Friday’s monthly jobs report, which is currently forecasting the nation to have added about 300,000 jobs in August.

Former President Donald Trump’s social media platform Truth Social has not yet been approved for distribution on Alphabet’s Google Play Store due to insufficient content moderation, Google said Tuesday. The delay marks a setback for the app, which launched on February 21 in the Apple App Store. “On August 19, we notified Truth Social of multiple standard policy violations in their current app submission,” Google said in a statement, adding that Truth Social said, “They are working to address these issues.”

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