Consumer sentiment cools off in August in a 'stunning loss of confidence'

• University of Michigan August Consumer Sentiment 70.2 vs. 81.4 consensus and 81.2 prior.
• The "stunning loss of confidence" in the first half of August spread across income, age, and education subgroups and observed across all regions, according to Richard Curtin, Surveys of Consumers chief economist.
• Current Economic Conditions: 77.9 vs. 84.5 prior.
• Index of Consumer Expectations: 65.2 vs. 85.0 expected and 79.0 prior.
• Inflation Expectations: 4.6% vs. 4.7%.
• The spread of the coronavirus Delta variant is likely the cause. "There is little doubt that the pandemic's resurgence due to the Delta variant has been met with a mixture of reason and emotion," Curtin said
• The sentiment dropped in all aspects of the economy, Curtain said "from personal finances to prospects for the economy, including inflation and unemployment."