Briefing.com: Mich Sentiment

Updated: 26-Jul-24 10:19 ET

July Univ. of Michigan Consumer Sentiment - Prelim

Updated: 26-Jul-24 10:19 ET

Highlights

The final Index of Consumer Sentiment for July stretched to 66.4 (Briefing.com consensus 66.0) from the preliminary reading of 66.0. The final reading for June was 68.2.
In the same period a year ago, the index stood at 71.5.

Key Factors

The Current Economic Conditions Index fell to 62.1 from the preliminary reading of 64.1. The final reading for June was 65.9. In the same period a year ago, the index stood at 76.5.
The Index of Consumer Expectations jumped to 68.8 from the preliminary reading of 67.2. The final reading for June was 69.6. In the same period a year ago, the index stood at 68.3.
Year-ahead inflation expectations held steady with the preliminary reading of 2.9%, and ticked down from the final reading of 3.0% for June.
Long-run inflation expectations edged up to 3.0% from the preliminary reading of 2.9% and matched the final reading for June.

Big Picture

The key takeaway from the report is that there weren't any real notable changes in consumer sentiment, which has been rightfully described as guarded as consumers continue to deal with inflation, election uncertainty, higher interest rates, and some softening in the labor market.