After previously releasing preliminary data showing a slight improvement in U.S. consumer sentiment in the month of July, the University of Michigan released a report on Friday showing its reading on consumer sentiment was unrevised.
The report said the consumer sentiment index for July came in at 98.4, unchanged from the preliminary reading and up slightly from the final June reading of 98.2. Economists had expected the index to be unrevised.
“Consumer sentiment remained unchanged in late July from the mid-month reading, with all component questions showing only small and offsetting changes,” said Surveys of Consumers chief economist Richard Curtin.
“Economic confidence has been remarkably stable since the start of 2017, despite ongoing trade uncertainties,” he added. “The resilience displayed has been primarily due to a renewed sense of personal financial optimism.”
The report said the current economic conditions index dipped to 110.7 in July from 111.9 in June, while the index of consumer expectations inched up to 90.5 from 89.3.
On the inflation front, one-year inflation expectations edged down to 2.6 percent in July from 2.7 percent in June, although five-year inflation expectations rose to 2.5 percent from 2.3 percent.
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