University of Michigan July consumer confidence index little changed from preliminary reading
By Alexander Bueso
Date: Friday 29 Jul 2022
(Sharecast News) - US consumer confidence was a tad stronger than expected last month, the results of a very closely-followed survey revealed.
The University of Michigan's headline consumer confidence index for July was revised up to 51.5, versus a preliminary estimate of 51.1 (consensus: 51.1) and June's print of 50.0.
However, the improvement versus June centred entirely on the sub-index for current economic expectations, which rose from 53.8 in June to 58.1.
The more important gauge for consumer expectations on the other slipped from 47.5 to 47.3.
Inflation expectations for the year ahead meanwhile were unrevised from the preliminary print of 5.2%.
Expectations for five to 10 years ahead on the other hand were revised up from 2.8% to 2.9%.
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