Univ. of Michigan: US Consumer Sentiment Reaches 5Mo. High


   
Maria Eugenia Garcia
DTN Energy Editor

    

    

   HOUSTON, TX (DTN) -- U.S. consumer sentiment in July reached its highest 
level in five months, with the Index of Consumer Sentiment rising to 61.8, an 
increase of 1.8% from June's reading of 60.7, according to preliminary data 
from the University of Michigan's Surveys of Consumers released this morning. 
The index, however, was 6.9% below its July 2024 level of 66.4. 

   The Index of Consumer Expectations, which reflects the economic outlook over 
the next 12 months, edged up by 0.5 points to 58.6, a 0.9% increase from June, 
but down 14.8% compared to the same month last year. 

   The Current Economic Conditions Index, measuring sentiment about personal 
finances and buying conditions, increased to 66.8 in July, 2 points or 3.1% 
above the level reported in June and up 6.5% year-over-year. 

   "Consumers are unlikely to regain their confidence in the economy unless 
they feel assured that inflation is unlikely to worsen, for example if trade 
policy stabilizes for the foreseeable future," said Joanne Hsu, director of the 
Surveys of Consumers.

   "At this time, the interviews reveal little evidence that other policy 
developments, including the recent passage of the tax and spending bill, moved 
the needle much on consumer sentiment," Hsu continued.

   In response to the report, the front-month NYMEX WTI futures contract was 
unchanged at $67.52 bbl, while the September ICE Brent futures contract was 
slightly down by $0.04 to $69.48 bbl. The U.S. dollar index fell by 0.486 
points to 97.96.




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