WASHINGTON (Dow Jones)–US consumer sentiment weakened in August. The University of Michigan US consumer sentiment index fell to 69.5 in the month-end survey from 71.6 at the end of July. Economists polled by Dow Jones Newswires had expected a reading of 71.2. At the first poll in mid-month, it was 71.2.
The index for expectations was 65.5 (previous month: 68.3, provisional: 67.3), the index for assessing the current situation was 75.7 (76.6 and 77.4). Consumer inflation expectations on a 12-month horizon rose to 3.5 from 3.4 percent in the previous month. Over a five-year period, they remained constant at 3.0 percent.
US consumers play a key role in the US economy because around 70 percent of gross domestic product depends on private consumption.
Website: http://www.sca.isr.umich.edu/ Contact to the author:
DJG/DJN/cbr/rio
(END) Dow Jones Newswires
August 25, 2023 10:32 ET (14:32 GMT)