U.S. consumer sentiment up more than expected in August, survey shows
Source: Reuters, via Yahoo! Finance
Reuters
U.S. consumer sentiment up more than expected in August, survey shows
Fri, August 12, 2022 at 10:24 AM
(Reuters) -U.S. consumer sentiment ticked further up in August from a record low earlier this summer, and American households' near-term outlook for inflation eased again on the back of tumbling gasoline prices, a survey released on Friday showed.
The University of Michigan's preliminary August reading on the overall index on consumer sentiment came in at 55.1, up from 51.5 in the prior month. It had hit a record low of 50 in June. ... The preliminary August reading was above the median forecast of 52.5 among economists polled by Reuters.
While the survey's barometer of current economic conditions fell unexpectedly to 55.5 from 58.1, its gauge of consumer expectations shot up to 54.9 from 47.3, with the 16.1% increase from July standing as the largest percentage jump since 2009. ... "All components of the expectations index improved this month, particularly among low- and middle-income consumers for whom inflation is particularly salient," survey director Joanne Hsu said in a statement.
Indeed, the survey's one-year inflation expectation fell to a six-month low of 5.0% from 5.2%, while its five-year inflation outlook edged up to 3.0% from 2.9%, holding within a range that has prevailed for the past year.
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Read more: https://finance.yahoo.com/news/u-consumer-sentiment-more-expected-142434897.html
DemocracyWins202
(34 posts)hopefully we start to see inflation come down more down in the coming months.
Ford_Prefect
(7,817 posts)BumRushDaShow
(127,254 posts)considering all the expectations being pretty dour.