Consumer confidence on the rise
Consumers are becoming less hesitant and more confident about their careers and economic outlook. The improved outlook for August was unexpected, but a welcome reprieve. The positive sentiment is a step in the right direction and may lead to increased spending. As spending increases, banks and retailers will need to have the latest money counters and check processing solutions on hand.
Bloomberg reported that confidence increased from 81 to 81.5 on the Conference Board's index. Economists had originally predicted sentiment levels to be around 79; however, the recent numbers show an unexpected but heartily welcomed optimism.
According to the Wall Street Journal, a small percentage of people believe their income will increase in the coming six months, with more people happy with the overall business, job and income prospects of the upcoming months. This is a good sign for financial institutions and small businesses looking to expand and gain trust with customers.