Consumer Confidence Down 2.9% in July but Remains Positive Overall

Ann Arbor, MI, July 20,2015—Consumer sentiment fell 2.9% to 93.3 in July from June’s 96.1, according to preliminary results from the University of Michigan’s Survey of Consumers.

July’s reading is 14.1% over that of July 2014, which registered at 81.8.

“Consumer confidence continued to meander sidewards with no indication of a potential break in the prevailing positive trend in sentiment,” says Survey of Consumers chief economist Richard Curtin. “The small loss in early July reflected a slight rise in concerns about international developments which was partially offset by continued news of job gains. The July reading was the eighth month above 90.0, the best record since seventeen months were recorded from late 2003 to early 2005 during the last expansion. Consumption expenditures will remain the driving force in the economy, with the data indicating an expansion in consumption by 3% in 2015.”