Consumers Less Upbeat as Sentiment Plunges by 5.5% in Early July

Source: University of Michigan

US consumer sentiment recorded a decline of 5.5% to hit an index of 80.8 in early July on a less favorable economic outlook.

SPY is down -0.29%, DXY is up +0.10%.

• The month over month decline in consumer sentiment reflected misjudgments over the pace of the economic recovery as the pandemic impacts fell.
• The index measuring current economic conditions also fell to 84.5 in July from a high of 88.6 in June
• The index of Consumer Expectations plunged to 78.4 in July, down from 83.5 in June.
• Year over year, the index of consumer sentiment, current economic conditions, and consumer expectations rose by 11.4%, 2.1%, and 19.0%, respectively.
• Consumers’ concerns over price pressures reached an all-time record high