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Easing gasoline costs bolstered U.S. consumer sentiment in July, but improving confidence may not persist as pump prices target $4 again.
The University of Michigan’s widely watched Consumer Sentiment Index surged 10 percent this month to 54.4, from 49.5 in June.
July’s preliminary reading marked the second straight monthly boost and represented the highest level since February. This also came in above the market estimate of 51.
The indexes for current economic conditions and consumer expectations also climbed 15 percent and 6.5 percent, respectively.
But overall sentiment remains down by almost 12 percent from a year ago as renewed price pressures weigh on Americans’ wallets.
Since the Iranian conflict began in late February, gasoline prices have been highly volatile….
The University of Michigan’s widely watched Consumer Sentiment Index surged 10 percent this month to 54.4, from 49.5 in June.
July’s preliminary reading marked the second straight monthly boost and represented the highest level since February. This also came in above the market estimate of 51.
The indexes for current economic conditions and consumer expectations also climbed 15 percent and 6.5 percent, respectively.
But overall sentiment remains down by almost 12 percent from a year ago as renewed price pressures weigh on Americans’ wallets.
Since the Iranian conflict began in late February, gasoline prices have been highly volatile….
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