Consumer Sentiment Gets Big Upward Revision

Ann Arbor, MI, July 25, 2008--The final consumer sentiment survey for the first part of July from Reuters and the University of Michigan was significantly higher than preliminary estimates, with the headline number coming in at 61.2 compared to the earlier 56.6 level.

Economists had expected a small revision to 56.4. The last time the survey reached 61.2 was in May of this year.

Consumer expectations were revised to 53.5 from the preliminary 48.3 level, while the current conditions index bumped up to 73.1 from the initial estimate of 69.5 for July.

One-year inflation expectations were revised to 5.1 percent from the preliminary reading of 5.3 percent. The preliminary reading was the highest level since February 1982.