The University of Michigan’s preliminary July consumer sentiment index reading fell more than analysts anticipated, plunging to 66.5 from a final June mark of 76.0, according to market sources Friday.
Economists polled by Thomson Reuters had predicted a 75.0 reading for the index in July. The lower reading suggests the general weakness evidenced by recent economic reports is percolating into the general public.
The expectations index was 60.6, compared to 69.8 last month, 70.7 earlier in June, and 68.8 in May.
The current conditions index was 75.5, compared to 85.6 last month, 82.9 earlier in June, and 81.0 in May.
Economists predicted an 84.0 reading for the current conditions index and 68.4 for the expectations index. The preliminary level for the June headline index was 75.5.