Highlights of the University of Michigan consumer sentiment survey:
- Prior was 92.9
- Current conditions 105.1 vs 107.1 prior
- Expectations 83.4 vs 83.8 prior
- 1-year inflation 2.8% (unrevised)
- 5-year inflation 2.7% (unrevised)
The survey closed on Aug 27, which incorporates responses since the latest round of market volatility. A Fed member earlier this week (Dudley) highlighted the importance of the release because it would be the first chance to see the impact of markets on broader economic sentiment.
Looking through the results, they definitely indicate a deterioration in sentiment. Typically the revisions in the final report are miniscule so this qualifies as a larger move and it's notable the that fall was focused in the current conditions area.
