![3D Emoji with Smiley and Sad Face on Balance Board, Seesaw Scale](https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1208099067/image_1208099067.jpg?io=getty-c-w750)
akinbostanci
The University of Michigan Consumer Sentiment Index fell to 66.4 in July from 68.2 in June. The final July print came in slightly better than the mid-month reading of 66.0.
Overall, though, “consumer sentiment has remained virtually unchanged in the last three months. July’s reading was a statistically insignificant 1.8 index points below June, well under the margin of error,” said Surveys of Consumers Director Joanne Hsu.
Consumer Expectations: 68.8 vs. 67.2 preliminary estimate and June’s 69.6.
Current Conditions: 62.7 vs. 64.1 mid-month print and 65.9 prior.
Year-ahead inflation expectations held steady at 2.9% from the initial estimate, but slipped from 3.0% in June. That falls within the 2.3%-3.0% range seen in the two years prior to the pandemic.
Five-year implied inflation, meanwhile, inched up to 3.0% from the preliminary reading of 2.9% and remained unchanged from last month’s 3.0%, staying “somewhat elevated” relative to the 2.2%-2.6% range seen in the two years before the pandemic, Hsu said.