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Topline Americans became more pessimistic about the economy this month than previously suggested, according to the University of Michigan’s widely tracked survey released Friday, as consumers expressed concerns about rising prices and unemployment. More Americans expressed concerns that tariffs would impact prices. Getty Images Key Facts Consumer sentiment—a measurement of Americans’ views on the economic outlook—dropped to 58.2 in August from 61.7 in July, well below the historical benchmark of 100, a reading of the University of Michigan’s survey found, after economists expected the reading to hold at a preliminary reading of 58.6. Americans expect inflation to rise to 4.8% over the next year, above July’s projections of 4.5%, and for prices to increase 3.5% over the next five to 10 years, an uptick from 3.9% in the survey’s preliminary reading, but still above last month’s 3.4%. The survey also found roughly 63% of consumers believe unemployment will worsen over the next year. Joanne Hsu, the survey’s director, said in a statement that buying conditions for durable goods—long-lasting products like appliances—dropped to their lowest in a year as personal finances declined 7%, as Hsu cited “heightened concerns about high prices.” What To Watch For The Bureau of Labor Statistics will release unemployment data next week—the first since President Donald Trump fired its director—as Wall Street expects a slight uptick from 4.2% in July to 4.3% in August, according to FactSet. About 92,500 nonfarm jobs are projected to have been added last month, above the 73,000 recorded last month. The BLS will likely face scrutiny after Trump fired commissioner Erika McEntarfer, whom he accused of manipulating jobs data during the 2024 election to benefit Kamala Harris. Trump nominated Heritage Foundation economist E.J. Antoni as the next commissioner. Antoni, a public critic of McEntarfer, has been criticized by former Democrat officials as…

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Filed under: News - @ August 29, 2025 6:21 pm