Confidence in future economic prospects continued to slide in early July - UoM
"Confidence in future economic prospects continued to slide in early July, with the Expectations Index now 10.1 Index points below its January 2017 peak," Richard Curtin, University of Michigan Surveys of Consumers chief economist, said.
- Index of Consumer Sentiment dropped to 93.1 in July from 95.1 in June
- In contrast, consumers' assessments of current economic conditions regained the March 2017 peak, the highest level since the July 2005 survey
- Data indicate that hopes for a prolonged period of 3% GDP growth sparked by Trump's victory have largely vanished, aside from a temporary snap back expected in the 2nd quarter
- Data indicate an annual gain of 2.4% in personal consumption during 2017
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