U.S. consumer sentiment unexpectedly softened in August, as the public anticipates inflation and unemployment to worsen in the future, according to new data from the University of Michigan Surveys of Consumers, released on Aug. 15.
The preliminary August consumer sentiment index fell to 58.6, down from a final reading of 61.7 in July. This came in below the consensus forecast of 62 and represented the first decline in four months.
The index for current conditions dropped to 60.9 from 68, and the expectations metric fell to 57.2 from 61.7. Both readings are down by 0.7 percent and 20.7 percent, respectively, from a year ago.
“This deterioration largely stems from rising worries about inflation,” Joanne Hsu, director of the Surveys of Consumers, said in a statement….