Consumers grew slightly less optimistic in their future this July, however confidence levels remain historically high, according to the Survey of Consumers conducted by the University of Michigan. Consumer confidence remained largely unchanged for the month, the survey of consumers revealed. But this means Americans appear the most optimistic about the current economic situation in U.S. than they have in 12 years.
July consumer sentiment ended up at 93.4, the group said. Meantime, economists expected the July measure of consumer attitudes to fall slightly more, to 93.1, according to a survey from Thomson Reuters. U.S. consumer sentiment last fell to 95.1 in June, sinking 2.1% from May.
“The relatively small decline still left the Sentiment Index higher in the first seven months of 2017 than in any other year since 2004,” the group’s chief economist, Richard Curtin, said in a statement. “The size of the decline was tempered by record favorable views of Current Economic Conditions, which rose to its highest level since July of 2005.”
“At the same time, consumers expressed less optimism about future prospects for the overall economy and for their own personal finances,” Curtin added. Many consumers feel nervous about the future: Financial expectations fell from 90.3 in January to 80.5 in July, and Curtin adds that if that number continues to decline by another 10 points in the second half of 2017, “the loss would become more worrisome.”