Consumer Sentiment Jumps to 6 Month High in July

U.S. consumers are bullish on the economy, according to the latest findings from the Reuters/University of Michigan Surveys of Consumers. Consumer sentiment came in far above expectations for its highest reading since January.

The surveys, designed to be a gauge of consumer anticipation of changes in the economic environment, produced a Consumer Sentiment Index — the surveys’ key figure — of 92.4 for July, according to Reuters.  The number far outpaced the median forecast from analysts of 86.0.  Although the jump in the index was impressive, it was coming off a 10-month low in June, said Reuters.

The Reuters news agency has exclusive distribution rights for the surveys’ results conducted and compiled by the University of Michigan.

The researchers said that American consumers are accepting high gas prices and are looking with wide eyes at the current robust performance of the stock market.  In a statement by Reuters and the University of Michigan, researchers commented, "Consumer confidence rose more than expected in early July due to a surging stock market, a reluctant acceptance of high gas prices and a slight improvement in expected trends in home prices.”