News

BlockBeats News, July 18 — As expectations for the economy and inflation continue to improve, the U.S. consumer confidence index rose to a five-month high in early July. Data released by the University of Michigan on Friday showed that the preliminary consumer confidence index for July increased to 61.8 from 60.7 a month earlier. However, this figure still remains below last year's average level. Consumers expect the annualized increase in prices over the next year to be 4.4%, down from 5% last month, marking the lowest level since February this year. They anticipate an annual inflation rate of 3.6% over the next five to ten years, also the lowest in five months. Meanwhile, concerns over tariffs continue to limit optimism about the economic outlook. Joanne Hsu, the survey director, stated in a release: "Consumers' expectations for business conditions, the labor market, and even their own incomes are weaker than a year ago. That said, the rise in confidence over the past two months suggests that consumers believe the risks of the worst-case scenarios they anticipated in April and May have eased. However, announcements of tariff increases or rising inflation could dampen market sentiment." (Jin10)