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On Friday morning, August 29, the University of Michigan published the results of a survey on American views on the state of the U.S. economy. And the researchers found that pessimism on the economy has grown even worse seven months into President Donald Trump's second term.

Forbes' Ty Roush, reporting on the survey results, explains, "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."

Roush goes on to describe the survey's key findings.

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"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," Roush explained. "Americans expect inflation to rise to 4.8 percent over the next year, above July's projections of 4.5 percent, and for prices to increase 3.5 percent over the next five to 10 years, an uptick from 3.9 percent in the survey's preliminary reading, but still above last month's 3.4 percent."

Roush adds, "The survey also found roughly 63 percent of consumers believe unemployment will worsen over the next year."

In a statement, the survey's director, Joanna Hsu, pointed to "heightened concerns about high prices."

Roush notes, "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 percent in July to 4.3 percent in August, according to FactSet. About 92,500 non-farm jobs are projected to have been added last month, above the 73,000 recorded last month."

The Forbes reporter adds, "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 being 'completely unqualified' for the role and alleged Antoni may abuse his role as an 'extreme partisan.'"

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Read Ty Roush's full article for Forbes at this link.