A survey of consumer sentiment survey reached a 22-month high of 71.6 in July, spearheaded by a slowdown in inflation and robust employment gains.
The final reading of the sentiment survey slipped from a preliminary 72.6 in early July, but it was up sharply from 64.4 in June, the University of Michigan said Friday.
The index has risen in fits and starts from an all-time low of 50 last year. The index rose to as high as 101 shortly before the onset of the pandemic in 2020. A measure that asks about expectations for the next six months slipped to 68.3 from an initial 69.4 in early July.Americans think inflation will average 3.4% in the next year.
Yet the economy is likely to face more turbulence ahead because of higher interest rates orchestrated by the Federal Reserve to bring inflation down even further.
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