The final consumer sentiment survey from Reuters and the University of Michigan received a large upward revision from preliminary estimates in July, with the headline indicator coming in at 61.2 compared to the preliminary 56.6 level.
Economists had expected a small revision to 56.4. The last time the survey reached 61.2 was in May 2008.
Consumer expectations were revised to 53.5 from the preliminary 48.3 level, while the current conditions index bumped up to 73.1 from the initial estimate of 69.5 for July.
One-year inflation expectations were revised to 5.1% from the preliminary reading of 5.3%. The preliminary reading was the highest level since February 1982.
By Steve Stecyk and edited by Nancy Girgis
©CEP News Ltd.