Consumer Sentiment Slips in Late August
|The University of Michigan’s consumer sentiment index fell 0.8 points in late August from its mid-month level. Sentiment still increased over the month, however, as expectations for future growth rose solidly.
Consumer Sentiment Appears Set to Ebb
- Consumer sentiment has risen solidly this past year, helped along by the buoyant stock market, rising home prices and generally improving economic conditions. Sentiment rose 3.4 points from the prior month but ended the month 0.8 percentage points below its mid-August level.
- Hurricane Harvey may have slightly influenced the late August data and will almost assuredly pull down the September report.
Consumers Feel Better about Their Finances
- With household wealth continuing to benefit from rising stock prices and higher home values, a growing number of households are feeling better about their finances. The improvement should support stronger gains in consumer spending.
- A slightly larger share of households stated they expected gasoline prices to go up over the next 12 months but overall views on inflation remain near their cycle lows.
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