University of Michigan reveals US consumer sentiment is unchanged
(MENAFN) U.S. consumer sentiment remained largely unchanged in July, according to preliminary data released Friday by the University of Michigan. The Consumer Sentiment Index edged up slightly to 61.8 from 60.7 in June. While this marks the highest reading in five months, sentiment is still 16% below the level recorded in December 2024 and remains well below its historical average.
The report revealed a mixed economic outlook among consumers. Short-run business conditions showed about an 8% improvement, while expectations regarding personal finances declined by approximately 4%.
Joanne Hsu, director of the University’s Surveys of Consumers, said that confidence is unlikely to recover unless inflation fears ease. “Consumers are unlikely to regain their confidence in the economy unless they feel assured that inflation is unlikely to worsen, for example if trade policy stabilizes for the foreseeable future,” she noted.
Hsu added that recent policy moves, including the passage of a tax and spending bill, appeared to have little effect on changing consumer sentiment.
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