Consumers adjust to inflation as labor market expectations worsen.
Consumer sentiment was essentially unchanged from June, when it had reached an all-time low for the survey, according to the University of Michigan Surveys of Consumers.
Most components of the index were little changed, though buying conditions for durables adjusted upwards, primarily due to perceptions of easing supply constraints. Still, buying conditions for durables remained 28% lower than July 2021, according to U-M economist Joanne Hsu, director of the surveys.
Overall, the index rose by 1.5 index points in July, well within the margin of error and remaining almost 37% below