US consumer sentiment little changed in August, University of Michigan says

30th Aug 2024 15:26

(Sharecast News) - Consumer confidence in the States was virtually unchanged in August, as Americans continued to try and anticipate the winner of the next presidential elections.

The final reading for the University of Michigan's consumer confidence index printed at 67.9 for August, against a reading of 66.4 in July.

Economists had pencilled in a print of 68.0.

However, according to survey director Joanne Hsu, consumers' short and long-term economic outlook were both at their strongest since April 2024.

Hsu also noted the "sizeable" 10% improvement in long-run expectations seen across all age and income groups.

Under the surface, Democrats saw a "large" 10% increase in sentiment, offset by a drop of a similar size among Republicans, she added.

"In July, 51% of consumers expected Trump to win the election versus 37% for Biden.

"In August, election expectations flipped; 36% expected Trump to win compared with 54% for Harris. Economic and election expectations are both subject to change as election day approaches."