Consumer Sentiment Rose 3% to 51.5 in July
Ann Arbor, MI, July 29, 2022-Consumer sentiment rose 3% to 51.5 in July, according to final results from the University of Michigan’s Survey of Consumers.
This represents a 36.6% decline year over year.
“The final July reading showed little change in consumer sentiment from its historic low in June,” says Survey of Consumers director Joanne Hsu. “The one-year economic outlook fell to its lowest reading since 2009. At the same time, concerns over global factors have eased somewhat. This easing provided some limited support to buying conditions for durables, which remained near the all-time low reached last month, as well as a modest retreat in long run inflation expectations. However, inflation continued to dominate consumers’ attention, and labor market expectations continued to soften. This month’s Sentiment Index was the second lowest reading on record, and the Q2 slowdown in personal consumption expenditures was no surprise. The final July reading of the median expected year-ahead inflation rate was 5.2%, little changed from mid-month or the preceding two months. Long run expectations came in at 2.9%, remaining within the 2.9-3.1% range seen in the past 11 months.”