Economy
August 15, 2014
Consumer Sentiment at Nine-Month Low
Written by Sandy Williams
Consumer confidence hit its lowest level in nine months according to the University of Michigan/Thomson Reuters Consumer Sentiment Index. The preliminary sentiment index fell 2.6 points to 79.2 in the August survey, surprising economists who expected an uptick to 82.3 from the final July reading of 81.8.
The survey’s outlook index fell to 66.2 from 71.8. Consumers are expecting higher prices in the coming year. The survey’s one-year inflation expectation rose to 3.4 percent from 3.3 percent, while the survey’s five-to-10-year inflation outlook rose to 2.8 percent from 2.7 percent.
