Consumer sentiment tracked by the University of Michigan fell to 71.2 in August from the prior month, down from a reading of 71.6 in July, according to a preliminary estimate. Sentiment had been on an upswing throughout the summer, mostly due to slower inflation, and is well above the record lows reached this time last year.
Recent research from the Federal Reserve Bank of San Francisco argues that shelter inflation is poised to fall significantly, reaching 0% in 2024 then turning negative by the second half of the year. Still, consumers face the resumption of student loan payments later this year, and that could weigh on household budgets.
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