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The numbers: The University of Michigan’s gauge of consumer sentiment rose to a preliminary July reading of 72.6 from a June reading of 64.4.
Economists polled by the Wall Street Journal had expected a June reading of 65.5.
Americans’ expectations for overall inflation over the next year rose to 3.4% in July from 3.3% in the prior month. Expectations for inflation over the next 5 years ticked up to 3.1% from 3% in June.
Key details: According to the UMich report, a gauge of consumers’ views on current conditions jumped to 77.5 in July from 69 in the prior month, while a barometer of their expectations rose to 69.4 from 61.5.
Big picture: Sentiment is improving as gas prices have held steady this summer. The strong labor market is also playing a role.
Market reaction: Stocks
DJIA,
SPX,
opened higher on Friday while the yield on the 10-year Treasury note
TMUBMUSD10Y,
rose to 3.81%.
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