UMich sentiment survey shows that preliminary August data shows a small rebound in consumer confidence, driven entirely by hope, as Current Conditions tumbled to its lowest since Dec 2022...
Source: Bloomberg
Inflation expectations were flat in the flash August data.
Source: Bloomberg
Buying conditions continue to plunge overall with homes and durables at record lows while vehicles ticked up extremely modestly off record lows...
Source: Bloomberg
Finally, August saw confidence rebound for Democrats but tumble further for Republicans as Biden was ousted...
Source: Bloomberg
The survey shows that 41% of consumers believe that Harris is the better candidate for the economy, while 38% chose Trump.
In comparison, between May and July, Trump had a 5 point advantage over Biden on the economy.
Overall, Surveys of Consumers Director Joanne Hsu notes, expectations strengthened for both personal finances and the five-year economic outlook, which reached its highest reading in four months, consistent with the fact that election developments can influence future expectations but are unlikely to alter current assessments.
We wonder how long that exuberance will last?
