{"id":161395,"date":"2022-08-01T14:17:45","date_gmt":"2022-08-01T14:17:45","guid":{"rendered":"https:\/\/precoinnews.com\/?p=161395"},"modified":"2022-08-01T14:17:45","modified_gmt":"2022-08-01T14:17:45","slug":"u-s-consumer-sentiment-rebounds-slightly-more-than-initially-estimated","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/economy\/u-s-consumer-sentiment-rebounds-slightly-more-than-initially-estimated\/","title":{"rendered":"U.S. Consumer Sentiment Rebounds Slightly More Than Initially Estimated"},"content":{"rendered":"
The University of Michigan released revised data on Friday showing consumer sentiment in the U.S. rebounded by slightly more than initially estimated in the month of July.<\/p>\n
The report showed the consumer sentiment index for July was upwardly revised to 51.5 from the preliminary reading of 51.1. Economists had expected the index to be unrevised.<\/p>\n
With the upward revision, the consumer sentiment index recovered a little further from a record low of 50.0 in June.<\/p>\n
The modest rebound by the headline index came as the current economic conditions index climbed to 58.1 in July from 53.8 in June.<\/p>\n
On the other hand, the report showed the index of consumer expectations edged down to 47.3 in July from 47.5 in June.<\/p>\n
“The one-year economic outlook fell to its lowest reading since 2009,” said Surveys of Consumers Director Joanne Hsu. “At the same time, concerns over global factors have eased somewhat.” <\/p>\n
She added, “This easing provided some limited support to buying conditions for durables, which remained near the all-time low reached last month, as well as a modest retreat in long run inflation expectations.”<\/p>\n
The report showed one-year inflation expectations dipped to 5.2 percent in July from 5.3 in June, while five-year inflation expectations slipped to 2.9 percent from 3.1 percent.<\/p>\n
A separate report released by the Conference Board on Tuesday showed consumer confidence in the U.S. deteriorated by more than expected in the month of July.<\/p>\n
The Conference Board said its consumer confidence index slid to 95.7 in July from a downwardly revised 98.4 in June. <\/p>\n
Economists had expected the index to drop to 96.8 from the 98.7 originally reported for the previous month. <\/p>\n