Keeping you up to date on the latest data releases.
Preliminary numbers show that the University of Michigan’s Index of Consumer Sentiment dipped to 76.8 in early September, down from 82.1 in August. Current economic conditions’ sub-index fell 3.4 points to 91.8. Consumer expectations also fell 6.5 points to 67.2; both sub-indexes are at their lowest level seen since May. This month the personal financial situation of consumers weakened in early September, mainly due to more reports of income declines than income gains. Home buying attitudes were more favorable and selling conditions were judged less favorably. Finally, buying attitudes toward household durables fell to 143 (from 144 in August).
As for inflation expectations in early September, consumers expect a year-ahead inflation rate of 3.2 percent and a longer-term (five- to-ten year) rate of 3.0 percent.