Preliminary results show the sentiment index up month over month but remains below year ago levels.
Consumer sentiment was up slightly in mid-August compared to July according to the University of Michigan Surveys of Consumers. The Consumer Sentiment Index inched up to 67.8 in mid-August, up 2.1% compared to 66.4 in the July 2024 survey but down 2.3% compared to 69.4 in August 2023.
Consumer sentiment is viewed as a leading indicator of economic activity. Sentiment levels can also impact consumer’s willingness to make large purchases such as automobiles.
Year-ahead inflation expectations came in at 2.9% for the second straight
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