July 28, 2023
(press release)
–
Final Results for July 2023 Read our July 21st report, Stock Ownership and Stock Price Expectations. 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.
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%
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.
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