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Consumer confidence edges lower in August

Economic research institute GKIʼs gauge of consumer confidence slipped to -29.6 in August from -26.9 in the previous month, falling after three consecutive months of improvement following a pandemic plunge in April, according to a report by state news wire MTI.

The index has recovered close to 60% of ground lost in April, when it dropped to -49.8.

GKI noted that it had returned to its earlier practice of conducting interviews for the gauge of sentiment in person in August, rather than online, as in the period from April to July.

Consumersʼ assessments of their own financial situations worsened in August by about the same degree as they improved in July.

Their outlook for the economy as a whole improved significantly, reaching a level about 70% higher than the nadir in April.

Concerns over unemployment grew slightly, but within the margin of error.

Fewer households said they could make savings in future, while inflation expectations waned.