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With consumer expectations taking a hit, the University of Michigan released a report on Friday showing a notable deterioration in U.S. consumer sentiment in the month of July.
The preliminary report said the consumer sentiment index dropped to 93.1 in July from the final June reading of 95.1. Economists had expected the index to edge down to 95.0.
The bigger than expected decrease by the headline index came as the index of consumer expectations slid to 80.2 in July from 83.9 in June.
On the other hand, the report said the index of current economic conditions rose to 113.2 in July from 112.5 in June, matching the twelve-year high set in March.
"Overall, the recent data follow the same pattern repeatedly recorded around past cyclical peaks: expectations start to post significant declines while assessments of current economic conditions continue to reach new peaks," said Richard Curtin, the survey's chief economist.
"To be sure, the data do not suggest an impending recession," he added. "Rather, the data indicate that hopes for a prolonged period of 3% GDP growth sparked by Trump's victory have largely vanished, aside from a temporary snap back expected in the 2nd quarter."
On the inflation front, one-year inflation expectations rose to 2.7 percent in July from 2.6 percent in June, while five-year inflation expectations edged up to 2.6 percent from 2.5 percent.