7/30, 4:00 PM (Source: TeleTrader)
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US consumer confidence worsens in July

Consumer Sentiment Index in the United States decreased 5% on a monthly basis to 81.2 points in July, according to a final report published by the University of Michigan on Friday. The index soared 12% year-over-year.

Current Economic Conditions Index declined 4.6% month-on-month, while rising 2.1% compared to July 2020. Meanwhile, the Index of Consumer Expectations was down 5.4% from the previous month and surged 19.9% on an annual basis.

"While most consumers still expect inflation to be transitory, there is growing evidence that an inflation storm is likely to develop on the not too distant horizon," Surveys of Consumers Chief Economist Richard Curtin noted in the report.

Breaking the News / MS