Consumer sentiment in the U.S. improved by less than initially estimated in the month of August, according to a report released by the University of Michigan on Friday.
The report said the consumer sentiment index for August was downwardly revised to 96.8 from the preliminary reading of 97.6. Economists had expected the index to be revised to 97.4.
Despite the bigger than expected downward revision, the consumer sentiment index is still up from 93.4 in July.
"Consumer confidence has remained at a very favorable level, although slipping somewhat from mid-month," said Richard Curtin, the survey's chief economist.
He added, "The Sentiment Index has been higher during the first eight months of 2017 than in any year since 2000, which was the peak year of the longest expansion in U.S. history."
Curtin noted Hurricane Harvey may diminish the pace of economic growth in the third quarter but said temporary increases in gas prices as well as a brief period of weakness in economic growth and employment are unlikely to derail confidence.
The report said the index of consumer expectations jumped to 87.7 in August from 80.5 in July, while the current economic conditions index fell to 110.9 from 113.4.
On the inflation front, one-year inflation expectations remained unchanged at 2.6 percent, while five-year inflation expectations edged down to 2.5 percent in August from 2.6 percent in July.
by RTT Staff Writer
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