University of Michigan's Index of Consumer Sentiment posts preliminary August level of 55.1, up from July's 51.5; all components of expectations index improved among low and middle income consumers

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August 12, 2022 (press release) –

Preliminary Results for August 2022

  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%

 

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
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%.

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.

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