The Survey of Consumers preliminary reading on consumer sentiment fell to 92.1, the lowest level for the year.
|Survey of Consumers||August (p)||Consensus||July (f)||August 2018||M/M ∆||Y/Y ∆|
|Index of Consumer Sentiment||92.1||97.5||98.4||96.2||-6.4%||-4.3%|
|Current Economic Conditions||107.4||110.7||110.3||-3.0%||-2.6%|
|Index of Consumer Expectations||82.3||90.5||87.1||-9.1%||-5.5%|
(p): Preliminary Reading (f): Final Reading
“The main takeaway for consumers from the first cut in interest rates in a decade was to increase apprehensions about a possible recession,” Richard Curtain, Chief Economist for the Survey of Consumers said. “Consumers concluded, following the Fed’s lead, that they may need to reduce spending in anticipation of a potential recession.”