The University of Michigan consumer sentiment index fell to a six-month low in July. Meanwhile, negative concerns about the impact of tariffs have almost doubled, with consumers expecting a decline in the future pace of US economic growth.
The University of Michigan's consumer sentiment for the United States slipped to 97.1 in July, below June’s level of 98.2. That was the lowest level since January.
"Consumer sentiment slipped in early July but remained nearly equal to the average in the prior twelve months (97.7) and since the start of 2017 (97.4),” Survey of Consumers chief economist Richard Curtin said.
So far, the strength in jobs and incomes has overcome higher inflation and interest rates, Curtin stressed.
"The darkening cloud on the horizon, however, is due to rising concerns about the potential negative impact of tariffs on the domestic economy,” he warned.
