Consumers grew less optimistic in their future this July, however confidence levels remain historically high, according to the Survey of Consumers conducted by the University of Michigan.
One expert predicted consumer sentiment would decrease in July, and explained what that would mean for the economy.
“If Friday’s Consumer Sentiment Index comes in lower again, it’s underscoring people don’t have extra money to spend now, and are pessimistic about the future,” said Robert Frick, Navy Federal Credit Union corporate economist. “And right now, that index is a good measure of the key number in today’s economy: wage growth.”
The Index of Consumer Sentiment fell 1.8% from 95.1 last month’s 95.1 to 93.4 in July. This is up 3.8% from last year’s 90.
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