US consumer confidence at 8-month low

The consumer confidence index measured by the University of Michigan in the US fell to its lowest level in the last 8 months at 66 in July.

The University of Michigan announced the July results of the preliminary data of the consumer confidence index, prepared in line with the tendencies of American consumers. Accordingly, consumer confidence decreased by 2.2 points compared to the previous month, falling to 66 in July.

The consumer confidence index, which was below market expectations and fell to its lowest level since November 2023, was estimated to reach 68.5 in this period.

The consumer confidence index, which has been declining for 4 consecutive months, was calculated as 68.2 in June.

The current economic conditions index, which measures Americans’ assessment of their current financial conditions, fell 1.8 points month-over-month to 64.1 in July.

The consumer expectations index, which reflects consumers’ long-term forecasts, decreased by 2.4 points to 67.2 in the same period.

Consumers’ short- and long-term inflation expectations fell from 3 percent to 2.9 percent in July.

Consumer Surveys Director Joanne Hsu, whose views were included in the statement, stated that with the upcoming election, consumers perceive significant uncertainty in the direction of the economy.