U.S. Consumer Sentiment Fell in July on Prospects for Economy

[Purveyor]

Source: Bloomberg

Consumer confidence slid in July from the prior month on dimmer views of the U.S. economy’s prospects and lingering concerns among higher-income earners about global market conditions.

The University of Michigan said Friday that its final index of sentiment declined to 90 this month from 93.5 in June. The median projection in a Bloomberg survey of economists called for a reading of 90.2 after July’s preliminary figure of 89.5.

A record share of households with incomes in the top third mentioned the U.K.’s decision to leave the European Union was weighing on outlooks. The gap between current views of the economy and expectations last month widened in July.

“While concerns about Brexit are likely to quickly recede, weaker prospects for the economy are likely to remain,” Richard Curtin, the Michigan survey’s director, said in a statement.

Read more: http://www.bloomberg.com/news/articles/2016-07-29/u-s-consumer-sentiment-fell-in-july-on-prospects-for-economy

[ffr]

1. Rethug convention slant, no doubt.

It'll rebound in August after the new numbers reflect the DEM convention and a probable HRC victory.