CONSUMER CONFIDENCE UNEXPECTEDLY PLUNGES IN AUGUST

University of michigan basketballGetty Images / Kevin C. CoxA lone fan of the Michigan Wolverines sits dejected.

T
he preliminary results from the University of Michigan’s August consumer confidence survey are out.
The headline index of confidence fell to 80.0 in August from July’s 85.1 reading. Economists had predicted a tick up to 85.2.

The sub-index of economic conditions fell to 91.0 from 98.6.

The economic outlook sub-index fell to 72.9 from 76.5.

Inflation expectations one year ahead were unchanged from July at 3.1%.

Inflation expectations five years ahead were unchanged at 2.8%.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.