U.S. consumer sentiment improved in the latest University of Michigan reading, with the index rising from 49.5 in June to 54.4, according to comments cited by Odaily. The figure came in above economists’ expectation of 50.5, though it remained below last year’s average level.
Samuel Tombs of Pantheon said the drop in inflation expectations offers some reassurance for the Federal Reserve. At the same time, he said workers still lack bargaining power, suggesting that the recent rebound in headline inflation is unlikely to translate into faster wage growth. The update points to a slightly firmer mood among consumers, but not one strong enough to change the broader picture described in the data.
U.S. consumer sentiment rose in the latest University of Michigan survey, with the index climbing to 54.4 from 49.5 in June, according to comments cited by Odaily.
Samuel Tombs of Pantheon said the reading was above economists’ expectation of 50.5, although it remained below last year’s average.
He added that lower inflation expectations give the Federal Reserve some relief, but workers’ weak bargaining power means the recent rise in headline inflation is unlikely to drive faster wage growth.
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