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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 plunged 5.5
percent m-o-m to 80.8 in early July. This was the lowest reading since
February.
Economists
had expected the index would increase to 86.5 this month from June’s final
reading of 85.5.
According
to the report, the index of current U.S. economic conditions declined 4.6
percent m-o-m to 84.5 in July from 88.6 in the previous month. Meanwhile, the
index of consumer expectations tumbled 6.1 percent m-o-m to 78.4 this month
from 83.5 in June.
According
to Surveys of Consumers chief economist, Richard Curtin, the July drop in consumer
sentiment was largely due to less favorable prospects for the U.S. economy. “This
decline was caused by a misjudgement by consumers in the pace that the economy
would recover as the pandemic eased,” he said. “This involved both
underestimating the economy's ability to reactivate supply lines and restore
jobs, and the resulting impact on inflation. Rather than job creation, halting
and reversing an accelerating inflation rate has now become a top concern.”
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