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Consumer Sentiment dropped in June, but remains above 90

Friday, Jul 17 2015
The University of Michigan’s preliminary index of sentiment dropped to 93.3 during the month from 96.1 in June, figures showed Friday. Analysts were predicting a reading of 96. Consumers remained upbeat about employment and wages. Even with the decline in sentiment, July marks the eighth straight month the Michigan gauge has been above 90, the longest stretch since a 17-month period ended in early 2005.
 
“When asked to explain how their finances had changed, more households mentioned income gains,” with the share increasing to 38 percent this month from 32 percent in June, Richard Curtin, director of the Michigan Survey of Consumers, said in a statement. “Slowly improving finances were anticipated for the year ahead.”The Greek financial crisis and a slowdown in China were mentioned by respondents in the survey and help explain why Americans were less upbeat about the domestic economy. 
 
Despite the figures, USD remained broadly higher against its major rivals. Euro is currently being traded few points above 1.0850, Sterling is slightly below 1.56 handle, while Aussie is around 0.7370 area. 
More in this category: « US CPI increased by 0.3% in June USD - Major events in the week ahead »

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