The University of Michigan’s U.S. consumer confidence index rose slightly after hitting a record low last month, but Americans remain worried about high inflation and a possible recession.
Specifically, the index came in at 51.1 points for July from 50 points the previous month, beating expectations of analysts polled by Reuters who had seen a reading of 50 points.
The current conditions index rose to 57.1 from 53.8 in June, again beating analysts’ estimates of 53.7.
The index of expectations for the US economy fell to 47.3 points from 47.5 points in June, signaling that Americans are worried about a worsening of the economy towards the end of the year.
Americans expect high inflation to persist for a while but eventually subside. They see prices rising by 2.8% over the next five years, up from 3.1% in June. This is the lowest reading in 16 months.
It is noted that any measurement above 50 points indicates an expansion of activities.
Source: Capital
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