UoM Consumer Sentiment Index set to ease as inflation, labour market worries loom
The University of Michigan (UoM) will release the preliminary estimate of August’s Consumer Sentiment Index on Friday.
The University of Michigan's preliminary Consumer Sentiment Index showed a decline to 51 in August, falling short of economists' expectations of 54.5, indicating weakening public confidence. Falling consumer confidence stems from growing pessimism towards the present economic circumstances and the overall economic outlook, according to the report.
The Current Conditions index declined to 51.8 from 54.8, and the Expectations gauge dropped to 50.6 from 55.4, painting an unfavorable picture for the months ahead. Inflation expectations have slightly increased, with a one-year outlook at 4.3% (up from 4.2%) and a five-year forecast remaining at 3.3%. The US Dollar's strength has been on the decline, nearing weekly lows, and pushing the US Dollar Index (DXY) to the mid-99.00s.
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