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UMich consumer sentiment rises in July prelim to 54.4

The preliminary reading also showed a softer one-year inflation outlook at 4.2%, below the 4.6% prior.

Reported · Written up by our desk · Major Pairs

University of Michigan’s preliminary July consumer sentiment index rose to 54.4, up from 48.9 in the prior period, according to data highlighted by Forexlive.

Forexlive also noted that the survey’s conditions component increased to 54.9 from 48.4, while expectations improved to 54.2 from 49.3.

The report cited changes in inflation expectations as well, with one-year inflation at 4.2% versus 4.6% prior, and five-year inflation steady at 3.3%.

Forexlive added that the indicator has been overtaken by politics and has little value in predicting spending.

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