by Calculated Risk on 8/26/2011 09:55:00 AM
Friday, August 26, 2011
Final August Consumer Sentiment at 55.7, Down Sharply from July
The final August Reuters / University of Michigan consumer sentiment index increased slightly to 55.7 from the preliminary reading of 54.9. This is down sharply from 63.7 in July.
Click on graph for larger image in graphic gallery.
In general consumer sentiment is a coincident indicator and is usually impacted by employment (and the unemployment rate) and gasoline prices. I think consumer sentiment declined sharply in August because of the heavy coverage of the debt ceiling debate.
This was slightly below the consensus forecast of 56.0.