Preliminary University of Michigan data shows sentiment at 51.0, missing estimates and dropping from July’s 55.2.
US consumer sentiment declined to 51.0 in August, below the 54.2 consensus and down from 55.2 in July, according to preliminary data. The drop reflects weaker assessments of current economic conditions and dimmer expectations for the future.
The index for current conditions fell to 51.8 from 54.8 in July, while consumer expectations slid to 50.6 from 55.4. One-year inflation expectations rose to 4.3% from 4.2% in July, though five-year expectations held steady at 3.3%.
The data suggests growing pessimism among consumers amid persistent inflation concerns and economic uncertainty.