The preliminary August reading of the University of Michigan/Thomson Reuters consumer sentiment fell to a reading of 80.0 in August, down from 85.1 in July, according to reports
Economists polled by MarketWatch had anticipated an 85.1 reading
Consumer sentiment slips in August
The preliminary August reading of the University of Michigan/Thomson Reuters consumer sentiment fell to a reading of 80.0 in August, down from 85.1 in July, according to reports
Economists polled by MarketWatch had anticipated an 85.1 reading
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WASHINGTON (MarketWatch) — Consumer sentiment took a step back in August from post-recession highs, according to a report released Friday after some leading retailers reported cautious spending by shoppers.
The preliminary August reading of the University of Michigan/Thomson Reuters consumer sentiment fell to a reading of 80.0 in August, down from 85.1 in July, according to reports. Economists polled by MarketWatch had anticipated an 85.1 reading.
The outlook component fell to 72.9 in August from 76.5 in July, while current conditions dropped to 91.0 in August from 98.6 in July.
“Absolute levels of these indices are still quite weak on a historical basis even with the significant post-recession gains,” said Joshua Shapiro, chief U.S. economist at MFR Inc.
“Part of the downward correction might be explained by the softer-than-anticipated [payrolls] in early August and still high mortgage rates. On the other hand, fuel prices have declined over the past couple of weeks and other labor market indicators have shown some improvement,” said Annalisa Piazza of Newedge Strategy.
The Commerce Department’s data from earlier this week show sales year-to-date through July up 9% for motor vehicles and parts dealers and up 6% for building materials, garden equipment and supplies dealers, but up just 3.2% for retail sales excluding autos.
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