Keeping you up to date on the latest data releases.
- Consumer Sentiment
According to the latest release from the University of Michigan, its Index of Consumer Sentiment fell precipitously in July, dropping 7.7 points to 63.8, its lowest level since March 2009. The overall decrease came as the consumer expectations component plummeted from 64.8 June to 55.8 in July. The current conditions component also slipped during the month—from 82 to 76.3. Meshing with the current dour news on employment, the release noted: “Consumers reported much less favorable news about jobs. Twice as many consumers reported hearing about new job losses compared with job gains in early July. Just two months ago, more consumers reported hearing news about job gains than job losses.” Median year-ahead inflation expectations continued to abate, decreasing 0.4 percentage points to 3.4 percent and are now down 1.2 percentage points from a recent high in April. Longer-term (5- to 10-year) median inflation expectations ticked down from 3.0 percent in June to 2.8 percent in July.