U.S. consumer sentiment index likely to have dropped in August

The consumer sentiment index is expected to have dropped in August after recovering in July. Consumer sentiment recovered to 121.1 in July, its second highest reading in 16 years. Solid assessments of the labor market have aided in keeping the index riding high rise last year’s election.

The difference in the share of respondents reporting jobs were “plentiful” versus “hard to get” hit a fresh cycle high last month, as did the share of respondents rating business conditions as “good”.

According to a Wells Fargo research report, consumer confidence index is expected to have given back some ground in August but stayed solid at 118.8. The labor market has been strong with initial jobless claims edging lower in the month, but a drop in the stock market and recent increase in gasoline prices imply that the index would pare back last month’s rise.

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