Consumer confidence jumps as inflation cools, jobs stable, University of Michigan says
By Alexander Bueso
Date: Friday 14 Jul 2023
(Sharecast News) - Consumer sentiment in the U.S. hit a nearly two-year high in July, the results of a closely followed survey revealed.
According to the University of Michigan, on a preliminary basis, its consumer sentiment index jumped from a reading of 64.4 points for June to 72.6 in July - the highest reading since September 2021.
Economists had forecast a reading of 65.5.
Survey director Joanne Hsu attributed the surge mainly to the continued slowing in price pressures and stability in the jobs market.
All of the index's components improved "considerably", she said, noting a 19% surge in long-term business conditions and of 16% in the short-term.
The same was true for the various demographic groups, all of which saw an improvement, save for lower-income consumers.
On the prices front, expectations for inflation one year ahead inched up by a tenth of a percentage from the prior month to 3.4%.
Longer-term expectations also rose by one tenth of a percentage point but to 3.1%.
Over the previous 24 months the latter had remained in a range between 2.9-3.1%.
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