WASHINGTON (MNI) – U.S. consumer sentiment in July dropped to its
lowest level since the end of last year, according to the University of
Michigan Consumer Sentiment survey released Friday.
The final reading of July consumer sentiment index was 72.3 —
compared to preliminary estimate of 72.0 in the middle of the month —
the lowest reading since December 2011 and barely above the median
expectation of 72.0 in MNI’s survey of economists. The index came in at
73.2 in June and 79.3 in May.
The index’s measure of how consumers view current conditions came
in at 82.7, down from 83.2 in the preliminary report. The index was 81.5
in June, and 87.2 in May’s report.
The final gauge of consumers’ expectations of future conditions
declined to 65.6 from 64.8 reported initially, again the lowest since
December. This index came in at 67.8 in June and 74.3 in May.
Final 1-year inflation expectations for July rose inbetween
reports, coming in at 3.0%, up compared to 2.8% mid-month but below
June’s expectation of 3.1%. The expectation was 3.0% in May. Five-year
inflation expectations are at 2.7% compared to 2.8% in the preliminary
and June reports. May’s expectation was for 2.7%.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MAUDS$]
