Consumer Sentiment Index Dips in August

The University of Michigan said Friday its consumer sentiment index fell to 87.6 in August, which was below the preliminary estimate two weeks ago, July's final reading and analysts' expectations.

If sentiment is falling, consumers may spend less, which could hurt the demand for trucking services in the months ahead.

In other economic news released Friday, personal spending increased 1% in July. (Click here for the full story.)

Also, manufacturing in the Chicago area expanded in August, the Institute of Supply Management-Chicago said.

The manufacturing sector is one of the largest and most important for the trucking industry.

The regional factory index rose to 54.9 from 51.5 in July. Readings above 50 means that business increased.

Meanwhile, Michigan’s preliminary estimate of its sentiment index was 87.9, while July's final reading was 88.1. Economists were expecting a reading of 88, Bloomberg reported.

The final August current conditions index edged lower to 98.5 from 99.3 in July, while the expectations index, which tracks attitudes about the 12 months ahead, slipped to 80.6 in August from 81.0 in July but was above the preliminary reading of 80.0.

The survey is based on telephone interviews with roughly 500 Americans across the country on personal finances and business and buying conditions.

9296