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12.07.2024

U.S. consumer sentiment index unexpectedly drops in early July

A report from the University of Michigan revealed on Friday that the preliminary reading for the Reuters/Michigan index of consumer sentiment dropped 3.2 per cent m-o-m to 66.0 in early July. This marked the lowest reading since November 2023 (61.3).

Economists had expected the indicator to advance to 68.5 this month from the June final reading of 68.2.

According to the report, the index of current economic conditions fell 2.7 per cent m-o-m to 64.1 in July, while the index of consumer expectations declined 3.4 per cent m-o-m to 67.2.

The report also revealed that the estimates of year-ahead expected inflation slipped from 3.0 per cent in June to 2.9 per cent early this month, the lowest level since March (2.9 per cent). The 5-year expected inflation also decreased from 3.0 per cent to 2.9 per cent, the lowest level in four months.

Commenting on the latest findings, Surveys of Consumers Director Joanne Hsu noted that nearly half of consumers still object to the impact of high prices, even as they expect inflation to continue moderating in the years ahead. “With the upcoming election, consumers perceived substantial uncertainty in the trajectory of the economy, though there is little evidence that the first presidential debate altered their economic views,” she added.

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