Michigan (dpa -AFX) – The U.S. consumer climate in August was surprisingly and significantly cloudy. The index for consumer sentiment collected by the University of Michigan was 70.0 points, down 11.0 points from the previous month, the university announced Friday. This is the lowest level since December 2011. Analysts expected a constant value of 81.2 points.
Consumers feared that economic growth might weaken in the coming months, and the university justified the decline. The hope that the epidemic would weaken was disappointing.
When assessing the current situation and assessing future growth, the index values fell in August. The decline in expectations was particularly noticeable, where the value fell to its lowest level since October 2013. In addition, consumers expect inflation to rise to 3.0 percent annually over the next five years. This is the highest level since October 2013.
The University of Michigan indicator is a measure of the buying behavior of American consumers. It is based on a telephone survey of about 500 households. Questions to ask Financial and economic assessment of the situation and related expectations./jsl/he
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