Reflecting an uptick in expectations, the University of Michigan released a report on Friday showing a slight improvement in U.S. consumer sentiment in the month of July.
The preliminary report showed the consumer sentiment index inched up to 98.4 in July from the final June reading of 98.2. Economists had expected the index to edge up to 98.5.
“Consumer sentiment remained largely unchanged in early July from June, remaining at quite favorable levels since the start of 2017,” said Surveys of Consumers chief economist Richard Curtin.
He added, “Moreover, the variations in Sentiment Index have been remarkably small, ranging from 91.2 to 101.4 in the past 30 months.”
The uptick by the headline index came as the index of consumer expectations crept up to 90.1 in July from 89.3 in June.
On the other hand, the report said the current economic conditions index dipped to 111.1 in July from 111.9 in June.
“Perhaps the most interesting change in the July survey was in inflation expectations, with the year-ahead rate slightly lower and the longer term rate moving to the top of the narrow range it has traveled in the past few years,” Curtin said.
The report said one-year inflation expectations slipped to 2.6 percent from 2.7 percent, while five-year inflation expectations jumped to 2.6 percent from 2.3 percent.
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