By Selina Stoller, Summit AmeriFirst Holdings, LLC
According to a report by the University of Michigan, U.S. consumer sentiment came to a seven-month low in June at 95.1 percent, which rose slightly above economists’ expectations of 94.5 percent.
Consumer sentiment remained relatively stagnant in May at 97.1 percent, a 0.1 point increase from April. The 5-year expectation was 2.5 percent, down from a preliminary 2.6 percent but above 2.4 percent in May.
Consumer confidence has fallen to its lowest level since President Trump was elected, however, overall levels remain somewhat favorable.
During the first half of 2017, the average level of the Sentiment Index was 96.8 percent which is the best half-year average since the second half of 2000. In the same month, the partisan gap between Republicans and Democrats stood at 39-Index points.
Optimism among political parties has largely resisted declines in the past several months despite the decreased likelihood that President Trump’s agenda will be passed in full during 2017.
According to the study, increasing uncertainty about future prospects for the economy has so far been offset by the resurgent strength in the personal financial situation of consumers.
Personal consumption spending is to advance by 2.3 percent in 2017.
The monthly survey completed by the University of Michigan measures some of the most important policies to consumers. These policies are ones that either directly or indirectly affect their jobs, incomes, or their financial security. The survey also measures consumer attitudes toward topics such as personal finances, inflation, unemployment, government policies, and interest rates.
- 24 Jul, 2017
- Josh Smith