Ann Arbor, MI, July 18, 2014 — Consumer sentiment edged lower in early July, according to the Thomson Reuters/University of Michigan’s preliminary July reading.
The index came in at 81.3, down from the final June reading of 82.5.
“The most remarkable aspect of recent trends in consumer confidence has been its resistance to change in either direction due to very negative GDP nor very positive employment gains,” survey director Richard Curtin said in a press release.
“This stability will provide the necessary strength for consumer spending to continue to expand, but does not support an acceleration in spending above 2.5 percent.”
The survey’s measure of current economic conditions rose to 97.1 from 96.6, while the measure of consumer expectations fell for a third straight month, to 71.1 from 73.5.