US consumer confidence fell to a five-month low in early July

The University of Michigan said that the consumer confidence index in the United States fell to 80.8 points in the first half of July, the lowest level since February, compared to 85.5 points in June, as confidence in the economic recovery declined due to inflation concerns. The survey measure of current economic conditions fell to 84.5 points in July, compared to 88.6 points in June, the lowest level since August 2020, and the consumer expectations index fell to 78.4 points in July, compared to 83.5 points in June, the lowest level since last February.

One-year inflation expectations for the survey rose to 4.8% in July from 4.2% in June, the highest level since August 2008, while five-year inflation expectations rose to 2.9% in July from 2.8% in June.