Consumer confidence rises but outlook still grim

Consumer sentiment hit a three-month high in August as households chipped away at outstanding debt, though Americans were pessimistic about the future, a survey showed on Friday.

Separate reports on the manufacturing sector painted a mixed picture, with factory orders rising by more than expected in July but Midwest business activity slipping in August.

Manufacturing had been at the vanguard of the country's recovery from the 2007-2009 recession but has lost momentum in recent months as economic difficulty in Europe and beyond has sapped overseas demand for U.S. products.

U.S. consumers, though, were in a slightly better mood this month. The Thomson Reuters/University of Michigan's final reading on overall consumer sentiment for August rose to 74.3, its highest since May.

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- Posted: 2012-08-31 14:24:50

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