Preliminary Michigan Consumer Index Gains in July

Click here to write a Letter to the Editor.

he University of Michigan’s preliminary consumer sentiment index for July rose to 96.5, more than expected.

The gauge was up from a 96 reading in June, though economists had predicted a 95 level for July, Bloomberg reported.

onsumers have become accustomed to rising gasoline prices, which reached record levels this week, Bloomberg said.

he university's index of current conditions, which reflects Americans' perceptions of their financial situation and whether it's a good time to make big purchases, fell to 112 in July from 113.2 in June.

The expectations index, based on optimism about the next one to five years, rose to 86.6 from 85.

he index is based on a phone survey of about 500 households. The final report is due out July 29.