Consumer sentiment index declines: August update

In August, the University of Michigan reported the Consumer Sentiment Index at 58.2, down from 61.7 in July. This represents a significant drop of 14.3% relative to the same period last year, highlighting a concerning trend in consumer confidence.

The report also noted that both Current Conditions and Expectations indices fell, with Current Conditions at 61.7 and Expectations at 55.9. Furthermore, inflation expectations have risen, showing 4.8% for the short term and 3.5% for the long term.