US consumer sentiment little changed in July, University of Michigan says
Consumer sentiment in the States only improved a tad, albeit alongside a second consecutive sharp fall in inflation expectations, the preliminary results of a closely-followed survey revealed.
Source: Sharecast
The University of Michigan's headline consumer confidence index edged up from a reading of 60.7 for June to 61.8 for July - a five-month high but still 16% bellow the end 2024 level.
According to the survey's director, Joanne Hsu, short-run business conditions improved by roughly 8%, but personal finances worsened by around 4%.
"Consumers are unlikely to regain their confidence in the economy unless they feel assured that inflation is unlikely to worsen, for example if trade policy stabilizes for the foreseeable future," she added.
"At this time, the interviews reveal little evidence that other policy developments, including the recent passage of the tax and spending bill, moved the needle much on consumer sentiment."
A gauge of inflation expectations one year out plummeted from 5.0% to 4.4%, whilst another for the long-run slipped for a third month running, from 4.0% to 3.6%.
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