US consumer sentiment declines in early August to lowest level in a decade

The University of Michigan survey showed that the consumer confidence index in the United States fell to 70.2 points in the first half of August compared to the final reading for July of 81.2 points, the lowest level since 2011. The survey measure of current economic conditions fell to 77.9 points in the first half of August compared to 84.5 points in July, and the measure of consumer expectations fell to 65.2 points in the first half of August compared to 79.0 points in July.

The survey showed that one-year inflation expectations fell to 4.6% in August down from 4.7% in July, while five-year inflation expectations rose to 3.0% in August from 2.8% in July.