U.S. consumer sentiment up more than expected in August, survey shows
2022.08.12 17:42
FILE PHOTO: Shoppers are seen wearing masks while shopping at a Walmart store, in North Brunswick, New Jersey, U.S. July 20, 2020. REUTERS/Eduardo Munoz/File Photo
(Reuters) – U.S. consumer sentiment ticked further up in August from a record low earlier this summer, and American households’ near-term outlook for inflation eased again on the back of tumbling gasoline prices, a survey released on Friday showed.
The University of Michigan’s preliminary August reading on the overall index on consumer sentiment came in at 55.1, up from 51.5 in the prior month. It had hit a record low of 50 in June.
The preliminary August reading was above the median forecast of 52.5 among economists polled by Reuters.
The survey’s one-year inflation expectation fell to a six-month low of 5.0% from 5.2%, while the survey’s five-year inflation outlook edged up to 3.0% from 2.9%, holding within the range that has prevailed for the past year.
