The Consumer Sentiment from the University of Michigan rose in July to 98.4 from 98.2, slightly below the 98.5 expected. Analysts at Wells Fargo point out the index remains elevated. They see that financial optimism suggests a willingness to spend
Key Quotes:
“Consumer sentiment rose only slightly in July, but at 98.4 remains high. Earlier this week we learned consumer confidence rose to 135.7 in July. Both measures suggest a consumer that has remained resilient in the face of trade uncertainty.”
“The recent announcement of 10% tariffs on an additional $300 billion of Chinese goods””which are mostly consumer products””may weigh on confidence in coming months.”
“Expectations regarding personal financial situations rose to 137 in July, which marks the highest level since 2003. The elevated reading on both expected and current personal finances highlights a consumer that remains confident and willing to spend.”
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