Consumer sentiment rallied in July as gasoline prices tumbled and inflation indexes turned negative.
The University of Michigan’s final July sentiment index rose to 55.2 this month, according to data released Friday. That was better than expected and an increase from the preliminary estimate of 54.4. In June, the index fell to 49.5.
Gas prices fell sharply in June and July after soaring as Iran closed the Strait of Hormuz, a crucial bottleneck for oil from the Persian Gulf. Falling gas prices pulled down the consumer price index for June, leading to a negative month-to-month reading.
“Consumer sentiment confirmed its early-month reading, landing almost 12% above June,” said Joanne Hsu...
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