USA: Michigan Consumer sentiment rebounds from record low

MICHIGAN (dpa-AFX) – US consumer sentiment improved somewhat in July, despite historically low levels. The consumer climate surveyed by the University of Michigan rose 1.1 points from the previous month to 51.1 points, the university announced Friday after the first round of surveys. Exceeded analysts’ expectations. Last month, consumer sentiment fell to an all-time low.

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High inflation continues to weigh on consumer sentiment. About half of those surveyed blamed the sharp rise in prices for lower living standards, said Jon Hsu, director of the survey. At 5.2 percent, one-year expected inflation is lower than in previous months.

The University of Michigan’s indicator is a measure of the purchasing behavior of American consumers. It is based on a telephone survey of about 500 households. An assessment of the financial and economic situation and the corresponding expectations are queried./bgf/he

Source: dpa-AFX