The final reading for the University of Michigan's consumer confidence index printed at 67.9 for August, against a reading of 66.4 in July.

Economists had pencilled in a print of 68.0.

However, according to survey director Joanne Hsu, consumers' short and long-term economic outlook were both at their strongest since April 2024.

Hsu also noted the "sizeable" 10% improvement in long-run expectations seen across all age and income groups.

Under the surface, Democrats saw a "large" 10% increase in sentiment, offset by a drop of a similar size among Republicans, she added.

"In July, 51% of consumers expected Trump to win the election versus 37% for Biden.

"In August, election expectations flipped; 36% expected Trump to win compared with 54% for Harris. Economic and election expectations are both subject to change as election day approaches."