U.S. Consumer Sentiment Unexpectedly Drops Amid Inflation Concerns
17 Agosto 2018 - 05:12AM
RTTF2
Partly reflecting concerns about inflation, the University of
Michigan released a report on Friday unexpectedly showing a notable
deterioration in U.S. consumer sentiment in the month of
August.
The preliminary report said the consumer sentiment index dropped
to 95.3 in August after edging down to 97.9 in July. Economists had
expected the index to inch up to 98.0.
Surveys of Consumers chief economist Richard Curtin said the
decrease in consumer sentiment was concentrated among households in
the bottom third of the income distribution amid less favorable
perceptions of market prices.
"The data suggest that consumers have become much more sensitive
to even relatively low inflation rates than in past decades,"
Curtin said.
He added, "Overall, the data indicate that consumers have little
tolerance for overshooting inflation targets, and to the benefit of
the Fed, interest rates now play a more decisive role in purchase
decisions."
The report said the index of current economic conditions tumbled
to 107.8 in August from 114.4 in July, while the index of consumer
expectations was unchanged from the previous month at 87.3.
On the inflation front, one-year inflation expectations in
August were unchanged at 2.9 and five-year inflation expectations
ticked up to 2.5 percent from 2.4 percent.
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