University of Michigan's Index of Consumer Sentiment posted a final July reading of 71.6, up from June's 64.4; rise in sentiment largely attributable to the continued slowdown in inflation and stability in labor markets

Sample article from our Consumer Wellness

July 28, 2023 (press release) –

Final Results for July 2023

  Jul Jun Jul M-M Y-Y
  2023 2023 2022 Change Change
Index of Consumer Sentiment 71.6 64.4 51.5 +11.2% +39.0%
Current Economic Conditions 76.6 69.0 58.1 +11.0% +31.8%
Index of Consumer Expectations 68.3 61.5 47.3 +11.1% +44.4%


Read our July 21st report, Stock Ownership and Stock Price Expectations.
Next data release: Friday, August 11, 2023 for Preliminary August data at 10am ET
Surveys of Consumers Director Joanne Hsu
Consumer sentiment rose for the second straight month, soaring 11% above June and reaching its most favorable reading since October 2021. All components of the index improved considerably, led by a 18% surge in long-term business conditions and 14% increase in short-run business conditions. Overall, the sharp rise in sentiment was largely attributable to the continued slowdown in inflation along with stability in labor markets. However, sentiment for lower-income consumers fell. This group anticipates that inflation and their income prospects will both worsen in the year ahead, highlighting the heterogeneity of views across the population.

Year-ahead inflation expectations were little changed, inching up from 3.3% in June to 3.4% in July. The current reading is well below the high point of 5.4% from April 2022 but remains above the 2.3-3.0% range seen in the two years prior to the pandemic. Long-run inflation expectations were unchanged from June at 3.0%, again staying within the narrow 2.9-3.1% range for 23 of the last 24 months.

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