University of Michigan consumer sentiment rose to 54.4 in July, the highest
since February, versus a June final of 49.5 and economists’ forecast of 51.0.
The survey ran June 23–July 13; more than 70% of interviews were completed
before last week’s breakdown of a U.S.-Iran ceasefire that pushed oil to a
one-month high and lifted gasoline prices. The survey director Joanne Xu said
the July gain was broad-based across age, income, wealth and politics
affiliation, but consumers remain downbeat on the outlook—sentiment is 12% lower
than a year ago—and the confidence upswing may not persist if gasoline prices
resume rising.
