While the University of Michigan released a report on Friday showing an upward revision to its consumer sentiment index for July, the index still came in below the reading seen in the previous month.
The report said the final reading on the consumer sentiment index for July came in at 90.0 compared to the preliminary reading of 89.5. The index was still down from 93.5 in June.
Richard Curtin, the survey's chief economist, said, "Although confidence strengthened in late July, for the month as a whole the Sentiment Index was still below last month's level mainly due to increased concerns about economic prospects among upper income households."
Households with incomes in the top third were more than twice as likely to mention concerns about Britain's vote to leave the European Union as households with incomes in the bottom two-thirds, Curtin noted.
The pullback by the headline index was partly due to a notable decrease by the index of consumer expectations, which fell to 77.8 in July from 82.4 in June.
The index measuring opinions of current economic conditions showed a more modest drop to 109.0 in July from 110.8 in the previous month.
On the inflation front, one-year inflation expectations inched up to 2.7 percent in July from 2.6 percent in June, while the five-year inflation outlook held at 2.6 percent.
by RTT Staff Writer
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