Summary
- The Michigan Consumer Sentiment Index fell by 3.5 points, or nearly 6%, to 58.2 in August. The latest reading was lower than the forecast of 58.6.
- To put today’s report in historical context, consumer sentiment is currently 31.0% below its average reading of 84.4 (arithmetic mean) and 30.1% below its geometric mean of 83.2.
- In August, the CECI fell for the first time in three months to 61.7. This represents a 9.3% decline from the previous month and a 0.7% rise from a year ago.
Max Zolotukhin/iStock via Getty Images
By Jennifer Nash
Worsening perceptions of the economy led to the first drop in consumer sentiment in four months. The Michigan Consumer Sentiment Index fell by 3.5 points, or nearly 6%, to 58.2 in August. The latest reading was lower than the forecast of 58.6. Consumer sentiment has fallen by 14.3% (9.7 points) compared to a year ago.
The Michigan Consumer Sentiment Index is a monthly survey of consumer confidence levels in the U.S. with
https://seekingalpha.com/article/4818010-consumer-sentiment-drops-amid-worsening-economic-views
