In July 2024, the University of Michigan's consumer sentiment for the US fell for the fourth consecutive month to 66, the lowest since November.  Almost half of consumers remain concerned about high prices and economic uncertainty, especially with an upcoming election. Additionally, both the year-ahead and five-year inflation expectations fell to 2.9% from 3%.

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"Although sentiment is more than 30% above the trough from June 2022, it remains stubbornly subdued," said Surveys of Consumers Director Joanne Hsu. "Nearly half of consumers still object to the impact of high prices, even as they expect inflation to continue moderating in the years ahead."

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She added, "With the upcoming election, consumers perceived substantial uncertainty in the trajectory of the economy, though there is little evidence that the first presidential debate altered their economic views."

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The University of Michigan said the current economic conditions index dipped to 64.1 in July from 65.9 in June, while the index of consumer expectations slid to 67.2 in July from 69.6 in June.

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Meanwhile, the report said year-ahead inflation expectations fell for the second straight month, edging down to 2.9 percent in July from 3.0 percent in June.

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