The latest consumer sentiment data
- Prior was 72.5
- Current conditions 82.5 vs 82.3 expected (82.8 prior)
- Expectations 66.5 vs 65.5 expected (prior was 65.9)
- 1-year inflation 3.0% vs 2.9% expected (3.0% prior)
- 5-10 year inflation 2.7% vs 2.6% prior
- Full report
These numbers were slightly better than anticipated and show the consumer is holding up in August, despite some negative impulses from the cutoff in benefits. However the overall picture of this survey is still much weaker than it was pre-pandemic and it's still near the lows.
U Mich chief economists Richard Curtin notes:
Two significant changes since April have been that consumers have become more pessimistic about the five-year economic outlook (-18 points) and more optimistic about buying conditions (+21).
The improvement in buying conditions is about lower interest rates and the drop in the longer outlook may be about Washington deadlock.
