The University of Michigan’s gauge of consumer sentiment sank to a preliminary August reading of 70.2 in August from a final July reading of 81.2.
The numbers: The University of Michigan’s gauge of consumer sentiment plunged to a preliminary August reading of 70.2 from a final July reading of 81.2. Economists polled by the Wall Street Journal had expected an August reading of 81.3.
Household expectations of inflation over the next 5 years rose to 3% from 2.8% in July, economists said. That’s much firmer than readings over the prior three years. One-year inflation expectations slipped to 4.6% in early August from 4.7% last month. The economy had been humming along and the Fed was preparing to exit its ultra-easy policy stance. If consumers stop spending and avoid crowds, the outlook could darken quickly. Price gains seen this year are unlikely to unwind quickly, and this could result in stagflation – higher prices and a slumping economy.
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