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Updated · Bloomberg · Jul 17US Consumer Sentiment Jumps 10% to 54.4 in July as Cheaper Gas Lifts Mood
3 articles · Updated · Bloomberg · Jul 17Summary
- 54.4 was the University of Michigan’s preliminary July sentiment reading, up from 49.5 in June and the highest level in five months.
- Lower gasoline prices drove the gain, lifting household morale as easing costs at the pump fed through to confidence.
- The July figure topped every estimate in a Bloomberg survey of economists, making the rebound stronger than forecasters expected.
- The rise extends a recovery from May’s record low, though the durability of that improvement still depends in part on energy-price stability.
Insights
Americans feel anxious about the economy yet keep spending. How long can this paradox last? If sentiment surveys are flawed, how can we truly gauge the U.S. economy's real health? With the Strait of Hormuz nearly shut, is the world heading for its largest energy crisis in history?