US August prelim UMich consumer sentiment 67.8 vs 66.9 expected

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US August prelim UMich consumer sentiment 67.8 vs 66.9 expected

• July final was 66.4
• Current conditions 60.9   vs 62.7 prior
• Expectations 72.1     vs 68.8 prior
• 1-year inflation 2.9% vs 2.9% prior
• 5-10 year inflation 3.0% vs 3.0% prior
• Overall, expectations strengthened for both personal finances and the
  five-year economic outlook (highest reading in four
  months)

Yesterday's retail sales report was strong and Walmart executives repeatedly described a stable and resilient consumer so I have a hard time putting any weight on this survey, which is more about politics and gasoline prices than consumer spending. Along those lines, the survey noted:

With election developments dominating headlines this month, sentiment
for Democrats climbed 6% in the wake of Harris replacing Biden as the
Democratic nominee for president. For Republicans, sentiment moved in
the opposite direction, falling 5% this month.

The inflation numbers are stable, though still above pre-pandemic norms.

                This article was written by Adam Button at www.forexlive.com.

Source: US August prelim UMich consumer sentiment 67.8 vs 66.9 expected

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