U.S. consumer sentiment improved in July, though concerns about the higher cost of living lingered, a survey showed on Friday. The University of Michigan’s Surveys of Consumers said its Consumer Sentiment Index increased to a final reading of 55.2 from 54.4 earlier this month.
The survey was conducted between June 23 to July 27. The improvement was despite average gasoline prices rising back above $4 a gallon amid renewed hostilities in the Middle East. Consumers remain focused on pocketbook issues like purchasing power, while political or military developments remain more in the background.
The survey’s measure of consumer expectations for inflation over the next year dropped to a still-high 4.2% from 4.6% in June. Consumers’ expectations for inflation over the next five years held steady at 3.3%. Government data this month showed a moderation in consumer inflation in June.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
