Story · University of Michigan
US consumer sentiment climbs on cheaper gas, topping forecasts
US consumer sentiment rose in early July to a five-month high, driven by lower petrol prices that boosted consumer morale. The University of Michigan's preliminary survey showed an increase that exceeded economists' forecasts. Consumers now expect prices to rise at an annual rate of 4.2 percent over the next year, down from 4.6 percent in June, indicating easing inflation expectations. The improvement in sentiment reflects the positive impact of declining fuel costs on household confidence and spending outlook.
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