(Reuters) – U.S. household sentiment has improved since the start of July from June, to its highest level in nearly two years as inflation wanes and the job market strengthens , show Friday the first results of the monthly survey of the University of Michigan.
Its confidence index stood at 72.6 this month after 64.4 a month earlier. Economists and analysts polled by Reuters on average expected a figure of 65.5.
“Sentiment has climbed for all demographic groups except low-income consumers,” Consumer Surveys Director Joanne Hsu said in a statement.
“The sharp rise in sentiment is largely attributable to the continued slowdown in inflation and the stability of the labor market,” she added.
The component of consumers’ judgment of their current situation came out at 77.5, after 69.0 in June and a consensus of 70.4.
That of the outlook is displayed at 69.4 against 61.5 previously and a consensus at 61.8.
(Written by Claude Chendjou, edited by Kate Entringer)
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