U.S. Michigan Consumer Sentiment Index Fell to 67.8 - Jul 30 10 10:56 EDT
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U.S. Michigan Consumer Sentiment Index Fell to 67.8
By Courtney Schlisserman Bloomberg
Confidence among U.S. consumers fell in July to the lowest level since November, posing a threat to the biggest part of the economy.
The Thomson Reuters/University of Michigan final index of consumer sentiment declined to 67.8 this month from 76 in June. The preliminary measure was 66.5.
Employment growth has been slow to take hold and lower home prices are depressing wealth. The lack of confidence may further restrain consumer spending, which accounts for 70 percent of the economy, and limit the pace of growth.
“Consumers have a lot to be concerned about,” Eric Green, chief market economist at TD Securities Inc. in New York, said before the report. “Private job growth is showing signs of slowing, not accelerating,” he said, and stock prices have declined since peaking in April.
Economists forecast the index would fall from the previous month to 67, according to the median of 58 projections in a Bloomberg News survey. Estimates ranged from 57.5 to 73.
Stocks pared losses after a measure of business activity expanded in July more than forecast. The Institute for Supply Management-Chicago Inc. said its business barometer rose to 62.3 this month. Readings higher than 50 signal growth. The Standard & Poor’s 500 Index fell 0.4 percent to 1,097.6 at 10:10 a.m. in New York.
The economy slowed in the second quarter as consumer spending cooled, according to Commerce Department data released earlier today. Gross domestic product increased at a 2.4 percent annual rate last quarter.
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