U.S. consumer sentiment fell to 93.1 in the July preliminary survey from 95.1 percent in June, according to the latest report on consumer confidence by the University of Michigan.
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. In contrast, consumers’ assessments of current economic conditions regained the March 2017 peak, the highest level since the July 2005 survey.
Overall, the recent data follow the same pattern repeatedly recorded around past cyclical peaks: expectations start to post significant declines while assessments of current economic conditions continue to reach new peaks.