According to Jin10, Pantheon economist Samuel Tombs said the University of Michigan consumer sentiment index rose from 49.5 in June to 54.4. The reading came in above economists’ expectation of 50.5, though it remained below last year’s average level. Tombs said lower inflation expectations offered some reassurance to the Federal Reserve, even as Chair Warsh’s hawkish remarks did not push expectations down any further. He also said workers lack bargaining power, suggesting wage growth is unlikely to pick up in response to the recent rebound in headline inflation. The update points to an improvement in sentiment from June, while leaving broader concerns around inflation and labor leverage in focus.
ChainCatcher reported, citing Jin10, that Pantheon’s Samuel Tombs said the University of Michigan consumer sentiment index rose from 49.5 in June to 54.4. The figure was above economists’ expectation of 50.5, but still below last year’s average.
Tombs said lower inflation expectations gave the Federal Reserve some reassurance, although Chair Warsh’s hawkish remarks did not push expectations down further. He added that workers “lack leverage,” which means wage growth is unlikely to rise in step with the recent rebound in headline inflation.
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