2024-07-22 16:41:38
The U.S. consumer confidence index fell to 66 in July from 68.2 a month earlier, according to a preliminary report from the University of Michigan, which calculates the measure.
As reported by Day.Az with reference to Interfax, the indicator has decreased for the fourth month in a row and is now at its minimum level in eight months (since November 2023).
Analysts on average had forecast an increase to 68.5 points, according to Trading Economics.
In July last year, the index value was at 71.6 points.
The sub-index of U.S. consumers’ attitudes toward their current financial situation fell to 64.1 this month, the lowest since December 2022, down from 65.9 in June. The consumer sentiment for the next six months fell to its lowest in eight months, to 67.2, down from 69.6 last month.
Inflation expectations among the population for the coming year fell to 2.9% in July from 3% a month earlier, and the estimate of inflation in the long term (5 years) also fell to 2.9% from 3%. Both indicators fell to their minimum since March of this year.
The University of Michigan will release its final July consumer confidence index on July 26.
Subscribe to our WhatsApp channel and stay up to date with the latest news!