US: Confidence in future economic prospects continued to slide in early July - UoM

Eren Sengezer FXStreet

"Confidence in future economic prospects continued to slide in early July, with the Expectations Index now 10.1 Index points below its January 2017 peak," Richard Curtin, University of Michigan Surveys of Consumers chief economist, said.

Key quotes:

Index of Consumer Sentiment dropped to 93.1 in July from 95.1 in June
In contrast, consumers' assessments of current economic conditions regained the March 2017 peak, the highest level since the July 2005 survey
Data indicate that hopes for a prolonged period of 3% GDP growth sparked by Trump's victory have largely vanished, aside from a temporary snap back expected in the 2nd quarter
Data indicate an annual gain of 2.4% in personal consumption during 2017

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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