U.S. Consumer Sentiment Improves Slightly More Than Previously Estimated In August
2024-08-24
2442
(fxcue news) - Consumer sentiment in the U.S. improved by slightly more than previously estimated in the month of August, the University of Michigan revealed in a report released on Friday.
The University of Michigan said its consumer sentiment index for August was upwardly revised to 67.9 from the preliminary reading of 67.8.
While the upwardly revised reading came in just below economist estimates for 68.0, the index is still a little further above the July reading of 66.4.
"After drifting down for four months, sentiment inched up 1.5 index points above July and is currently 36% above the all-time historic low from June 2022," said Surveys of Consumers Director Joanne Hsu.
She added, "Consumers' short- and long-run economic outlook improved, with both figures reaching their most favorable levels since April 2024 and a particularly sizable 10% improvement for long-run expectations that was seen across age and income groups."
The report said the index of consumer expectations climbed to 72.1 in August from 68.8 in July, while the current economic conditions index fell to 61.3 in August from 62.7 in July.
With regard to inflation, year-ahead inflation expectations edged down to 2.8 percent in August from 2.9 percent in July. Long-term inflation expectations were unchanged from the previous month at 3.0 percent.
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