US Consumer Sentiment Hits 55.2 in July as Spending Rises 0.4%
Updated
Updated · Los Angeles Times · Jul 31
US Consumer Sentiment Hits 55.2 in July as Spending Rises 0.4%
3 articles · Updated · Los Angeles Times · Jul 31
Summary
The University of Michigan’s final July sentiment index rose to 55.2 from a preliminary 54.4, reaching a five-month high as Americans kept spending despite persistent price pressure.
Gasoline prices falling to their lowest since March during most of the survey period helped lift the outlook, and views on the longer-term economy climbed to a one-year high.
June inflation-adjusted consumer spending increased 0.4%—matching the strongest gain in nearly a year—while a gauge of durable-goods buying conditions reached its highest since October.
Consumers still sounded cautious: sentiment remained 11% below a year earlier, though one-year inflation expectations eased to 4.2% and longer-run expectations held at 3.3%.
Across income, age, education and party lines, sentiment improved, while respondents increasingly cited artificial intelligence as a factor—negative on net because of job-market concerns.