The University of Michigan's consumer sentiment survey indicates a modest increase in consumer optimism, with the index climbing to 61.8 in July. This increase, while a five-month high, is still 16% below December 2024 and below historical averages. The Current Economic Conditions Index improved by 3.1 points, indicating better confidence in business and job prospects. However, consumer expectations for the future rose only slightly, and concerns about personal finances decreased, particularly among high-wealth individuals, reflecting ongoing financial worries despite some overall positive trends.
The July edition shows renewed optimism, as the Consumer Sentiment Index climbed to 61.8 from 60.7 in June, marking its highest point in five months.
Surveys of Consumers Director Joanne Hsu characterized the results as 'little changed' from June, 'inching up about one index point'.
The Current Economic Conditions Index rose 3.1 points to 66.8, indicating growing confidence in near-term business and job prospects.
The Consumer Expectations Index rose only slightly to 58.6 and remains down 14.8% from last year, indicating ongoing financial concerns among consumers.
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