The trust of the US consumers fell slightly in August, while expectations for inflationa poll showed on Friday.
The final August reading of the general index of consumer confidence from the University of Michigan stood at 69.5, compared with 71.6 in July, and below the preliminary reading from earlier in the month. Economists polled by Reuters estimated that confidence would remain relatively stable at 71.2 points.
Despite the decline in August, confidence is still much closer to the historical average of 86 points than to the historical low registered in June 2022.
“Although durable goods purchasing conditions and living conditions expectations have improved, the long-term economic outlook is down about 12% this month, but remains higher than just two months ago.” Joanne Hsu, director of the University of Michigan Consumer Surveys, said in a statement.
The expectations of inflation one-year rates rose to 3.5% this month, from 3.4% in July. The five-year inflation outlook stood at 3% for the third consecutive month, still within the narrow range of 2.9% – 3.1% of 24 of the last 25 months.
Source: Gestion
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