A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. deteriorated by slightly less than initially estimated in the month of July.
The report said the consumer sentiment index for July was upwardly revised to 93.4 from the preliminary reading of 93.1. Economists had expected the index to be unrevised.
Despite the unexpected upward revision, the consumer sentiment index is still down from the final June reading of 95.1.
"The overall Sentiment Index has declined by 5.1 Index-points since the January peak, which was the highest figure in a dozen years," said Richard Curtin, the survey's chief economist.
He added, "The relatively small decline still left the Sentiment Index higher in the first seven months of 2017 than in any other year since 2004."
The report said the index of consumer expectations fell to 80.5 in July from 83.9 in June, while the current economic conditions index rose to 113.4 from 112.5.
On the inflation front, one-year inflation expectations were unchanged at 2.6 percent, while five-year inflation expectations edged up to 2.6 percent in July from 2.5 percent in June.
by RTT Staff Writer
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