US U of Michigan Consumer Sentiment index jumped from 64.4 to 72.6 in July, well above expectation of 65.5, that’s also the highest level since September 2021. Current Economic Conditions rose from 69.0 to 77.5. Consumer Expectations Index also surged from 61.5 to 69.4.
“As seen in the chart, sentiment is now about halfway between the all-time historic low of 50 from June 2022 and the February 2020 pre-pandemic reading of 101.”
Year-ahead inflation expected inched up from 3.3% to 3.4%. Long-run inflation expectation was virtually unchanged at 3.1%.
