Canadian economy shrinks 1.6% in second quarter as U.S. tariffs squeeze exports

The Consumer Sentiment Index in the United States slid 6% in August compared to the month prior, to stand at 58.2, as per the final monthly report posted by the University of Michigan on Friday. The figure plunged 14.3% on an annual level. The Current Economic Conditions Index went down 9.3% in the reported period compared to July and advanced 0.7% annually, standing at 61.7 points. The Index of Consumer Expectations decreased by 3.1% on a monthly basis to 55.9, and tumbled 22.5% on a yearly basis. "This month, few consumers spontaneously mentioned the recent events at the Bureau of Labor Statistics and the Federal Reserve (interviews closed on Monday, August 25, the day Trump announced he was firing Governor Cook)," the report outlined. MORE UMICH FINAL AUG CONSUMER SENTIMENT: PERCEPTIONS OF MANY ASPECTED OF ECONOMY 'SLIPPED;' BUYING CONDITIONS FOR DURABLES 'LOWEST READING IN A YR' #UMich #consumer_sentiment #economy UMich Takes Flamethrower To What Little Was Left Of Its Credibility Confirming the preliminary data, UMich final prints showed sentiment weakening and inflation fears returning in August, with both Current Conditions and Expectations declining... chart Buying conditions for durable goods subsided to their lowest reading in a year, and current personal finances declined 7%, both due to heightened concerns about high prices. "Sentiment now stands about 11% above readings from April and May but remains at least 10% below 6 and 12 months ago," said UMich Survey Director Joanne Hsu. "This month’s decrease was visible across groups by age, income, and stock wealth. Moreover, perceptions of many aspects of the economy slipped." That said, expectations for personal finances held steady this month, albeit at relatively subdued levels relative to a year ago. This month, few consumers spontaneously mentioned the recent events at the Bureau of Labor Statistics and the Federal Reserve (interviews closed on Monday, August 25, the day Trump announced he was firing Governor Cook). After plunging back to reality for two months, inflation expectations rebounded higher in August (though ended the month lower than preliminary data) with year-ahead