Consumer Sentiment Index in the United States dipped 0.6% on a monthly basis to 71.2 points in August, according to a preliminary report published by the University of Michigan on Friday. On an annual basis, the figure surged by 22.3%.
The Current Economic Conditions Index rose by 1% month-on-month, surging by 32.1% compared to August 2022. Meanwhile, the Index of Consumer Expectations went down by 1.5% compared to July. The index, however, climbed 16.0% on an annual basis.
"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," the University of Michigan noted.