University of Michigan Reports the Preliminary Results of its Consumer Sentiment Index for July 2024

The University of Michigan on Friday (7-12-24), released the preliminary results of its Consumer Sentiment Index (CSI) for June.

• The Index of Consumer Sentiment declined to a reading of 66.0 in July, down from June’s reading of 68.2 A month-over-month decline of 3.2%, and down 7.7% year-over-year (71.5 in July 2023).
• The Current Economic Conditions for July dropped to a reading of 64.1 down from June’s Reading of 65.9. A month-over-month decline of 2.7%, and down 16.2% year-over-year (76.5 in July 2023).
• The Index of Consumer Expectations decreased to a reading of 67.2 in July, down from a reading of 69.6 in June. A month-over-month decline of 3.4% and down 1.6% year-over-year (68.3 in July 2023).

In remarks prepared to accompany the release of the preliminary June 2024 Consumer Sentiment Index, Dr. Joanne Hsu Ph.D. said, “For the second straight month, consumer sentiment is essentially unchanged. July’s reading was a statistically insignificant 2 index points below last month, well within the margin of error. Although sentiment is more than 30% above the trough from June 2022, it remains stubbornly subdued. Nearly half of consumers still object to the impact of high prices, even as they expect inflation to continue moderating in the years ahead. With the upcoming election, consumers perceived substantial uncertainty in the trajectory of the economy, though there is little evidence that the first presidential debate altered their economic views.”