In August, U.S. consumer sentiment experienced a modest decline, as both short-term and long-term inflation expectations worsened, according to a survey released on Friday.
fell modestly in August, as short and long term inflation expectations worsened, a survey showed on Friday.
The University of Michigan's final August reading on the overall index of consumer sentiment came in at 69.5 on Friday compared to 71.6 in July, and 1.7 percentage points lower than a preliminary reading earlier in the month. Economists polled by Reuters had forecast sentiment would remain relatively stable at 71.2.
August had the second highest reading since December 2021, and was far closer to the historic average of 86 than the all-time low registered in June 2022. The relatively positive outlook was buoyed by robust consumer spending and a resilient labor market. But these recent positive trends in outlook might not last: Americans expressed concerns that recent rapid improvements in inflation could be moderating, and the overall consumer expectation index declined by 2.8 percentage points between July and August, the biggest drop since May.
A woman carries Nike shopping bags at the Citadel Outlet mall, as the global outbreak of the coronavirus disease continues, in Commerce, California, on Dec. 3, 2020.
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