University of Michigan's Index of Consumer Sentiment posts final July reading of 51.5, up from June's 50.0; inflation continued to dominate consumers' attention as labor market expectations softened further

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July 29, 2022 (press release) –

Final Results for July 2022

  Jul Jun Jul M-M Y-Y
  2022 2022 2021 Change Change
Index of Consumer Sentiment 51.5 50.0 81.2 +3.0% -36.6%
Current Economic Conditions 58.1 53.8 84.5 +8.0% -31.2%
Index of Consumer Expectations 47.3 47.5 79.0 -0.4% -40.1%

 

Next data release: Friday, August 12, 2022 for Preliminary August data at 10am ET

Surveys of Consumers Marks Leadership Change

Surveys of Consumers Director Joanne Hsu
The final July reading showed little change in consumer sentiment from its historic low in June. The one-year economic outlook fell to its lowest reading since 2009. At the same time, concerns over global factors have eased somewhat. This easing provided some limited support to buying conditions for durables, which remained near the all-time low reached last month, as well as a modest retreat in long run inflation expectations. However, inflation continued to dominate consumers’ attention, and labor market expectations continued to soften. This month’s Sentiment Index was the second lowest reading on record, and the Q2 slowdown in personal consumption expenditures was no surprise. The final July reading of the median expected year-ahead inflation rate was 5.2%, little changed from mid-month or the preceding two months. Long run expectations came in at 2.9%, remaining within the 2.9-3.1% range seen in the past 11 months.

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