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Economist: Recent inflation data may not change Fed's plan
02:31 - Source: CNN
CNN  — 

Consumer sentiment in August continued to rebound from its June trough, but Americans’ feelings about the economy remain profoundly depressed from a year earlier, weighed down by uncertainty about inflation and the job market.

The nation’s collective outlook rose marginally this month, according to the latest University of Michigan Surveys of Consumers released Friday. The benchmark sentiment index rose to 55.1, up from 51.5 in July, after plummeting to a record low of 50 in June, when consumers were feeling buffeted by soaring inflation and $5-a-gallon gas.

Gas prices have retreated and a robust labor market added more than half a million jobs last month, but survey respondents’ outlook regarding current economic conditions nonetheless slumped to 55.5 from 58.1 in July.