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Consumer sentiment falls in August

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Consumer sentiment falls in August

Closely-watched barometer misses expectations.

Consumer sentiment fell in early August, according a closely-watched barometer of confidence.

According to multiple outlets, the closely-watched Thomson Reuters/University of Michigan consumer sentiment index fell slightly to 92.9 in August, missing analysts’ expectations of 93.5.

July’s reading came in at 93.1.

In a statement quoted by Reuters, Surveys of Consumers Chief Economist Richard Curtin said, “"Renewed strength in personal finances largely offset slight declines in prospects for the national economy and buying conditions.

"The declines in prospects for the economy probably reflect the expected increases in interest rates, while the eventual but small impacts from falling commodity prices, the devaluation of the renminbi, and a weaker global economy have yet to occur (other than from declines in oil prices)."

 

 

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