U.S. Michigan Consumer Sentument Rebounds for First Time Since January

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The preliminary consumer sentiment survey from Reuters and the University of Michigan rebounded for the first time since January, reaching a score of 56.6 in July from June's reading of 56.4.

The consensus was expecting a further decline to 55.5.

According to the report, 90% of respondents said they thought the U.S. economy was in recession, with the downturn expected to deepen further.

One-year inflation expectations moved up to 5.3% from last month's 5.2% and currently stands at the highest level since 1981. Just four months ago, inflation expectations were at 3.6%.

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008

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U.S. Michigan Consumer Sentument Rebounds for First Time Since January

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