US consumer sentiment at lowest level in 8 months

ISTANBUL

US consumer sentiment in July stood at its lowest level in eight months, according to the final results from the University of Michigan's consumer survey released Friday.

The index of consumer sentiment decreased 1.8 points to 66.4 in July, from 68.2 in June.

The preliminary estimate released two weeks ago showed the index at 66.0.

"July's reading was a statistically insignificant 1.8 index points below June, well under the margin of error," Surveys of Consumers Director Joanne Hsu said in a statement."

"Sentiment has lifted 33% above the June 2022 historic low, but it remains guarded as high prices continue to drag down attitudes, particularly for those with lower incomes," she added.

Hsu noted that continued election uncertainty is likely to generate volatility in economic attitudes in the months ahead.

Year-ahead inflation expectations, declined for the second consecutive month, falling to 2.9% in July, from 3.3% in June.

Long-run inflation expectations, meanwhile, came in at 3% ,unchanged from last month.