U.S. ECONOMICS: Consumer Sentiment Index First Sub-80 Reading Since November
U.S. consumer confidence fell 2.6 points to 79.2 in the preliminary August reading from the University of Michigan/Reuters survey, after dipping 0.7 point to 81.8 in the July final print. This is the first sub-80 reading since November.
The current conditions index has generally outperformed and that was the case again this month, with the index jumping to 99.6 from 97.4. The outlook index dropped to 66.2 from 71.8. Inflation expectations were on the rise, however. The 1-year ahead price reading rose to 3.4% from 3.3%, the highest reading since August 2012. The 5-year ahead index increased to 2.8% from 2.7% (the latter matched the lowest reading since March 2009).
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