Aug 15 U.S. consumer sentiment fell in August to
its lowest since last November while a barometer of current
economic conditions rose to its highest since July 2007, a
survey released on Friday showed.
The Thomson Reuters/University of Michigan's preliminary
August reading on the overall index on consumer sentiment came
in at 79.2, down from a final reading of 81.8 the month before.
It was below the the median forecast of 82.5 among
economists polled by Reuters, and was the lowest since a reading
of 75.1 in November of last year.
"While the data implies differential prospects for
retailers, consumer confidence remains at moderately positive
levels, high enough to support a continued expansion in personal
consumption during the year ahead," survey director Richard
Curtin said in a statement.
The survey's barometer of current economic conditions rose
to 99.6 from 97.4 and above a forecast of 97.8.
The survey's gauge of consumer expectations slipped for a
fourth straight month, to 66.2 from 71.8. The subindex was below
an expected 73.0 and was the lowest since last October.
The survey's one-year inflation expectation rose to 3.4
percent from 3.3 percent, while the survey's five-to-10-year
inflation outlook rose to 2.8 percent from 2.7 percent.
"Importantly, upper income households reported quite
substantial financial progress, but they reported the same sized
losses as lower income households in their outlook for the
overall economy," Curtin said.
(Reporting by Sam Forgione; Editing by Meredith Mazzilli)