US Consumer Sentiment Rises To Three-Month High, Topping Forecasts

US consumer sentiment rose in early August to a three-month high on firmer expectations about the economy and personal finances.

Inflation expectations were mixed, with consumers boosting their longer-term views for prices slightly, while reducing their year-ahead outlook for costs.

The University of Michigan’s preliminary sentiment index rose to 55.1 from 51.5 in July, data showed Friday. Consumers expect prices will climb at an annual rate of 3% over the next five to 10 years, from 2.9% in July. They see costs rising 5% over the next year, the lowest since February, compared to last month’s 5.2%.

The sentiment gauge exceeded all but one forecast in a Bloomberg survey of economists who had a median projection of 52.5.

Read the full article from Bloomberg here.