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The
University of Michigan's preliminary reading on the overall
index of consumer sentiment came in at 71.2 this month compared
to 71.6 in July. Economists polled by Reuters had forecast a
preliminary reading of 71.0.
"In general, consumers perceived few material differences in the
economic environment from last month, but they saw substantial
improvements relative to just three months ago," Joanne Hsu, the
director of the University of Michigan's Surveys of Consumers,
said in a statement.
The survey's reading of one-year inflation expectations slipped
to 3.3% this month from 3.4% in July, showing stability for
three consecutive months. The five-year inflation outlook fell
to 2.9% from 3.0% in the prior month, remaining in the narrow
2.9%-3.1% range for 24 of the last 25 months.
(Reporting by Lucia Mutikani; Editing by Paul Simao)
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