U.S. Consumer Sentiment Index Dips Slightly Less Than Previously Estimated In July
2024-07-24
4075
(fxcue news) - The University of Michigan released revised data on Friday showing consumer sentiment in the U.S. deteriorated by slightly less than previously estimated in the month of July.
The report said the consumer sentiment index for July was upwardly revised to 66.4 from the preliminary reading of 66.0. Economists had expected the reading to be unrevised.
Despite the upward revision, the consumer sentiment index for July is still down from 68.2 in June and marks the lowest reading since November 2023.
"Sentiment has lifted 33% above the June 2022 historic low, but it remains guarded as high prices continue to drag down attitudes, particularly for those with lower incomes," said Surveys of Consumers Director Joanne Hsu.
"Labor market expectations remain relatively stable, providing continued support to consumer spending," she added. "However, continued election uncertainty is likely to generate volatility in economic attitudes in the months ahead."
The University of Michigan said the current economic conditions index fell to 62.7 in July from 65.9 in June, while the index of consumer expectations dipped to 68.8 in July from 69.6 in June.
Meanwhile, the report said year-ahead inflation expectations fell for the second straight month, edging down to 2.9 percent in July from 3.0 percent in June.
Long-run inflation expectations came in unchanged at 3.0 percent in July but remain somewhat elevated relative to the 2.2-2.6 percent range seen in the two years pre-pandemic.
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