(Reuters) – Consumer sentiment fizzled in July, falling to its lowest level of the year, as Americans took a dim view of the employment situation and their income prospects, a survey showed on Friday.
The Thomson Reuters/University of Michigan‘s final reading on the overall index on consumer sentiment fell to 72.3 from 73.2 in June. It was the second month in a row attitudes have soured and the lowest level since December.
But the level was a touch higher than economists’ expectations for it to be unchanged from July’s preliminary reading of 72.
“While consumers do not anticipate an economy-wide recessionary decline, they do not expect a pace of economic growth that could satisfactorily revive job and income prospects,” survey director Richard Curtin said in a statement.