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- U.S. consumer sentiment index unexpectedly declines in early July
U.S. consumer sentiment index unexpectedly declines in early July
A report from
the University of Michigan revealed on Friday the preliminary reading for the
Reuters/Michigan index of consumer sentiment fell 6.3 percent m-o-m to 73.2 in
early July.
Economists had
expected the index would increase to 79.0 this month from June’s final reading
of 78.1.
According to
the report, the index of current U.S. economic conditions decreased 3.3 percent
m-o-m to 84.2 in July from 87.1 in the previous month. Meanwhile, the index of
consumer expectations declined 8.4 percent m-o-m to 66.2 this month from 72.3
in June.
The report
noted: “Consumer sentiment retreated in the first half of July due to the
widespread resurgence of the coronavirus… Unfortunately, declines are more
likely in the months ahead as the coronavirus spreads and causes continued
economic harm, social disruptions, and permanent scarring. Another aggressive
fiscal response is urgently needed that focuses on financial relief for
households as well as state and local governments.“
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