Consumer sentiment rises more than expected in August, but it's still pretty low

Aug. 12, 2022 10:02 AM ETBy: Liz Kiesche, SA News Editor18 Comments

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  • August University of Michigan Consumer Sentiment: 55.1 vs. 52.5 expected and 51.5 prior. The latest reading compares with the all-time low of 50.0 reached in June.
  • Expectations: 54.9 vs. 48.4 expected and 47.3 prior.
  • Current conditions: 55.5 vs 59.0 expected and 58.1 prior.
  • Inflation expectations (next year): +5.0% vs. +5.2% prior.
  • For the longer term, consumers surveyed expect inflation over the next five years of 3.0%, up at tick from the 2.9% they expected in July.
  • "All components of the expectations index improved this month, particularly among low and middle income consumers for whom inflation is particularly salient," said Survey of Consumers Director Joanne Hsu.
  • "With continued declines in energy prices, the median expected year-ahead inflation rate fell to 5.0%, its lowest reading since February but still well above the 4.6% reading from a year ago," she said.
  • On Thursday, producer price inflation unexpectedly fell in July M/M and rose less than expected Y/Y

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