Keeping you up to date on the latest data releases.
- Consumer Sentiment
The University of Michigan’s Index of Consumer Sentiment continued to wane in early July, falling 1.2 index points to 72.0 during the month. Sentiment had reached as high as 79.3 back in May, but has plummeted 7.3 points over the past two months. That said, the index is still well above its recent low of 55.8 seen last August. Respondents’ collective judgment over current economic conditions actually improved in July—rising to 83.2 from 81.5 in June. However, the consumer expectations component slipped down 3 points to 64.8, its lowest level since last December. Year-ahead median inflation expectations slipped down 0.3 percentage points to 2.8 percent in July (its lowest level since October 2010), likely on falling gas prices. Longer-term (five-to-ten years ahead) inflation expectations remained at 2.8 percent during the month.