This past Friday, the University of Michigan released a preliminary reading of its Index of Consumer Sentiment for the month of August. This survey, one of the more widely followed readings by economists on how consumers are feeling, showed a small but meaningful jump as consumers are feeling a little better about the future. However, the overall results were a bit mixed.
University of Michigan
For three straight months now, consumer sentiment has declined as the world faces war in Europe, soaring global gas prices, price inflation on a wide range of consumer goods, and lingering supply chain issues. As measured by the widely followed University of Michigan Index of Consumer Sentiment released earlier this month, the index is nearing its lowest level in 11-years.
See more on the souring consumer sentiment and what it means[Read more…] about Consumer Sentiment Nears 11-Year Low; Near-Term Inflation the Bogeyman
In spite of the fact that the economy is continuing to grow as it powers away from the days of COVID shutdowns, a preliminary November reading of consumer sentiment shows a dramatic drop to a 10-year low, as consumers fret about growing inflation. While economists have long warned that transitory inflation would be a temporary part of our overall economic recovery, consumers are clearly concerned that this inflation may be hanging around for a while and it is already crimping their lifestyle.
Learn what the University of Michigan chief economist had to say about this result[Read more…] about Inflation Impact: November Consumer Sentiment Drops to 10-Year Low
New data from multiple sources are increasing economists concerns of an economic downturn within the next two years – perhaps even later this year. The latest readings on consumer confidence/sentiment and existing home sales show sharp downturns, sparking new debates on the real health of the economy.