United States Consumer Confidence

The University of Michigan's consumer sentiment for the US was revised higher to 81.2 in July of 2021 from a preliminary of 80.8, still remaining the lowest reading in 5 months. The gauge for expectations was revised slightly higher to 79 from 78.4 while the current conditions subindex was unchanged at 84.5. Inflation expectations were revised lower for both the year-ahead (4.7% vs 4.8%) and for the next 5 years (2.8% vs 2.9%). "Consumer sentiment edged upward at the end of July, although it still posted a monthly decline of 5.0%. The largest monthly declines remained concentrated in the outlook for the national economy and complaints about high prices for homes, vehicles, and household durables. 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".