August 12, 2022
(press release)
–
Preliminary Results for August 2022 Next data release: Friday, August 26, 2022 for Final August data at 10am ET Surveys of Consumers Marks Leadership Change Surveys of Consumers Director Joanne Hsu Industry Intelligence Editor's Note: This press release omits select charts and/or marketing language for editorial clarity. Click here to view the full report.
Aug
Jul
Aug
M-M
Y-Y
2022
2022
2021
Change
Change
Index of Consumer Sentiment
55.1
51.5
70.3
+7.0%
-21.6%
Current Economic Conditions
55.5
58.1
78.5
-4.5%
-29.3%
Index of Consumer Expectations
54.9
47.3
65.1
+16.1%
-15.7%
Consumer sentiment moved up very slightly this month to about 5 index points above the all-time low reached in June. All components of the expectations index improved this month, particularly among low and middle income consumers for whom inflation is particularly salient. The year-ahead economic outlook rose substantially to just above its average reading from the second quarter 2022, while the two other expectations index components remain at or below their second quarter averages. At the same time, high income consumers, who generate a disproportionate share of spending, registered large declines in both their current personal finances as well as buying conditions for durables. With continued declines in energy prices, the median expected year-ahead inflation rate fell to 5.0%, its lowest reading since February but still well above the 4.6% reading from a year ago. At 3.0%, median long run inflation expectations remained within the 2.9-3.1% range seen over the past year. Uncertainty over long run inflation receded a bit, with the interquartile range in expectations falling from 4.7 last month to 3.8 this month, remaining above the 3.3 range seen last August. Still, the share of consumers blaming inflation for eroding their living standards remained near 48%.
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