US Consumer Sentiment Hits 54.4 in July as Iran Conflict Threatens Gas Price Relief
Updated
Updated · KSL.com · Jul 17
US Consumer Sentiment Hits 54.4 in July as Iran Conflict Threatens Gas Price Relief
3 articles · Updated · KSL.com · Jul 17
Summary
54.4 was the University of Michigan’s preliminary July sentiment reading, up from 49.5 in June and above economists’ 51.0 forecast, marking the highest level since February.
More than 70% of interviews were completed before the U.S.-Iran ceasefire collapsed last week, a timing detail that suggests the gain may not capture the latest jump in oil and gasoline prices.
4.2% was consumers’ expected inflation rate for the next year, down from 4.6% in June, while five-year inflation expectations held at 3.3%.
Sentiment improved across age, income, wealth and political groups, but it remained 12% below a year earlier, leaving the rebound vulnerable if fuel costs keep rising again.