US consumer sentiment falls to eight-month low on high prices
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US consumer sentiment unexpectedly declined to the lowest level in eight months in early July as high prices continued to weigh on Americans’ views of their finances and the economy. The sentiment index fell to 66 in July from 68.2, according to the preliminary reading from the University of Michigan. Consumers’ expectations for inflation over the next year fell for a second month, to 2.9%. Almost half of consumers expressed complaints that high prices are eroding their living standards. The recent downward path for inflation has provided some relief to consumers who felt squeezed by the post-Covid spike in inflation. The labour market has showed signs of cooling, with unemployment rising to 4.1% in June. The current conditions gauge fell to 64.1, its lowest since December 2022. Buying conditions for durable goods dropped to 85, the lowest in just over a year. Consumers’ perception of their financial situation now and in the future deteriorated in July, with each falling to the lowest level since October. The November presidential election may be weighing on consumers’ expectations for the economy.
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