Keeping you up to date on the latest data releases.
- Consumer Sentiment
Although the University of Michigan’s Index of Consumer Sentiment was revised up from 66.5 to 67.8 during the July revision, it’s still well below June’s index level of 76.0 and the lowest sentiment value since November 2009. Both the current conditions and consumer expectations components fell markedly during the month. In fact, consumer expectations—at an index value of 62.3—are the lowest since March 2009 (near the trough of the recession) prompting this statement in the release: “ ...consumers view their income and job prospects as extraordinarily weak and those bleak prospects have made consumers more cautious spenders.” Inflation expectations were steady in July, as one-year-ahead average inflation expectations remained at 3.3 percent and longer-term (5-10 year-ahead) expectations ticked up 0.3 percentage point to 3.4 percent (though the longer-run median expectation inched-up just 0.1 percentage point to 2.9 percent).