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US UoM Consumer Sentiment Index falls sharply to 70.2 in August
Consumer confidence in the US deteriorated sharply in August with the University of Michigan's Consumer Sentiment Index dropping to 70.2 in August (preliminary) from 81.2 in July. This reading missed the market expectation of 81.2 by a wide margin. Further details of the publication revealed that the Current Conditions Index declined to 77.9 from 84.5 and the Consumer Expectations Index dropped to 65.2 from 79. Finally, the 1-year Inflation Outlook edged lower to 4.6% from 4.7%. Commenting on the data, "consumers reported a stunning loss of confidence in the first half of August," noted Richard Curtin, Surveys of ... (full story)
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*MICHIGAN CONSUMER SENTIMENT INDEX PLUNGES TO LOWEST SINCE 2011
— Breaking Market News (@breakingmkts) August 13, 2021
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The in consumer confidence can be explained by #Covid_19 resurgence and high prices.
— Christophe Barraud (@C_Barraud) August 13, 2021
*Consumers expect inflation to rise 3% over the next 5 to 10 years, up from 2.8% in July and matching the highest level since 2013.
*Link: https://t.co/iBUVaHPgz4 pic.twitter.com/V1PCjTvQ60
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