Consumer sentiment improved 10% in early July, recording 10% jumps for the second month in a row, according to preliminary results for this month from last. University of Michigan‘s Consumer surveys.
the Consumer confidence index It was measured at 54.4, the highest reading since February’s 56.6.
The improvement in July was driven by “easing price pressures at gas stations in recent weeks,” according to the director of consumer surveys. Joan Hsu He said in a press release.
“The rise in sentiment this month was widespread across the population, seen across groups by age, income, wealth and political party,” Hsu said in the statement. “Particularly strong increases were observed among consumers who do not hold a bachelor’s degree.”
Consumer sentiment is still 12% lower than last year, due to prices remaining high.
Interviews for the July preliminary results ran from June 23 to July 13, and were 70% completed before gas prices rose again when the United States resumed strikes against Iran, according to the report.
The latest results represent a turnaround from earlier this year, when they were high Gas prices This pushed consumer sentiment to a new low of 44.8 in May, down from the previous low of 49.8 in April. These numbers represent the lowest levels recorded in the more than 73-year history of the Consumer Confidence Index.
Consumer sentiment Then they rose in early June as gas prices fell.
AAA reported Thursday (July 16). Gas price High compared to the previous week. The national average for a gallon of regular gasoline rose 10 cents to $3.94, although it remained below the $4 range it was in during April, May and most of June.
Conference BoardLatest Consumer confidence indexreleased on June 30, found that consumer confidence rose 0.6 points in June.
“Consumer confidence rose in June, as lower oil prices in recent weeks eased some concerns about consumer inflation,” said the Conference Board’s chief economist. Dana M. Peterson He said in a press release dated June 30.
the PYMNTS INTELLIGENCE a report “The Three-Speed Consumer Economy: How Financial Power Rewrites Spending Behavior“, the June edition of the PYMNTS Consumer Expectations Index found that declining confidence has not stopped spending because some consumers still have room to spend, some are spending every dollar, and some are quickly losing their financial cushion.
