Consumer sentiment in the U.S. deteriorated by less than previously estimated in the month of July, according to a report released by Thomson Reuters and the University of Michigan on Friday.
The report showed that the consumer sentiment index for July was upwardly revised to 72.3 from the mid-month reading of 72.0.
Despite the upward revision, the index remains down compared to the final June reading of 73.2 and is well below the nearly five-year high of 79.3 seen in May.
"Bottom line, from a market perspective the number is a non-event," said Peter Boockvar, managing director at Miller Tabak. "At 72.3, confidence is above its five-year average of 69.6 but remains below the ten-year average of 79.4 and twenty-year of 87.5 for reasons obvious to us all."
While the consumer expectations index for July was upwardly revised to 65.6 from 64.8, it remains well below the June reading of 67.8.
On the other hand, the current economic conditions index for July was downwardly revised to 82.7 from 83.2 but remains above the 81.5 posted for the previous month
The report also showed that one-year inflation expectations edged down to 3.0 percent in July from 3.1 percent in June, while five-year inflation expectations dipped to 2.7 percent from 2.8 percent.
by RTT Staff Writer
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