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- U.S. consumer sentiment slightly better than initially estimated in July
U.S. consumer sentiment slightly better than initially estimated in July
The
final reading for the July Reuters/Michigan index of consumer sentiment came in
at 81.2 compared to a preliminary reading of 80.8 and the June final reading of
85.5.
Economists
had forecast the index to be unrevised at 80.8.
According
to the report, the index of consumer expectations fell 5.4 percent m-o-m to 79.0
from June’s final reading of 83.5, while the index of the current economic
conditions declined 4.6 percent m-o-m to 84.5 from June’s final reading of 88.6.
“Consumer
sentiment edged upward at the end of July, although it still posted a monthly
decline of 5.0%,” noted Richard Curtin, Surveys of Consumers chief economist. “The
largest monthly declines remained concentrated in the outlook for the national
economy and complaints about high prices for homes, vehicles, and household
durables,” he added. "While most consumers still expect inflation to be transitory, there is growing evidence that an inflation storm is likely to develop on the not too distant horizon."
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