Consumers’ views on their personal financial situation improved during the month.
Consumer sentiment rose by 13% in August, lifting off of the all-time low reading for the survey reached in June but remaining 17% below a year ago, according to the University of Michigan Surveys of Consumers. Consumer sentiment is viewed as a leading indicator of economic activity.
The Consumer Sentiment Index rose to 58.2 in the August 2022 survey, up from 51.5 in July and below last August’s 70.3. The Current Conditions Index rose to 58.6, up from 58.1 in July and below last August’s 78.5. The Expectations Index rose