US consumer sentiment falls to lowest in 8 months

Half of consumers still object to high prices, even as they expect inflation to continue moderating in years ahead, says survey director

Ovunc Kutlu |12.07.2024 - TRT/AA

ISTANBUL

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

The index of consumer sentiment decreased 2.2 points to 66.0 in July from 68.2 in June.

The market expectation for the index was to come in at 68.5.

"Nearly half of consumers still object to the impact of high prices, even as they expect inflation to continue moderating in the years ahead," Surveys of Consumers Director Joanne Hsu said in a statement."

"With the upcoming election, consumers perceived substantial uncertainty in the trajectory of the economy, though there is little evidence that the first presidential debate altered their economic views," she added.

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

Long-run inflation expectations, meanwhile, came in at 2.9%, down from 3% last month.