US consumer confidence rises in August following downward revision

Consumer confidence in the US rose in August after a drastic downward revision of the previous month's figure, according to survey data from Reuters and the University of Michigan.

The consumer sentiment index rose to 82.1 in August, up from 80.0 the month before (revised down from 85.1). Analysts had expected to see 80.5.

Earlier today, the government said that income and spending grew by less than expected in July.