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Improved Inflation Expectations, Increased US Consumer Confidence
BlockBeats News, July 18th, as expectations for the economy and inflation continue to improve, the U.S. consumer confidence index rose to a 5-month high in early July. Data released by the University of Michigan on Friday showed that the preliminary consumer confidence index for July rose from 60.7 a month ago to 61.8. However, this number is still below the level for the whole of last year.
Consumers expect the annualized inflation rate for the next year to be 4.4%, lower than last month's 5%, the lowest level since February this year. They expect the inflation rate for the next 5 to 10 years to be 3.6%, also the lowest level in 5 months. At the same time, concerns about tariffs continue to dampen people's optimism about the economic outlook.
Joanne Hsu, the lead researcher of the survey, stated in a press release: "Consumers' expectations for business conditions, the labor market, and even their own income are weaker than a year ago. That said, the rise in confidence over the past two months indicates that consumers believe the risks of the worst-case scenarios they anticipated in April and May have eased. However, announcing tariff hikes or rising inflation could dampen market sentiment." (FXStreet)
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