After a run of strong economic data in recent weeks, the wilting in consumer sentiment in July may be the start of a softening trend amid a resurgence in COVID-19 cases, explained analysts at Wells Fargo following the University of Michigan Consumer Confidence report released on Friday.
Key Quotes:
“The University of Michigan’s index of consumer sentiment slumped to 73.2, a level that is less than two points above its April trough, when consumers became fully awake to COVID-19.”
“The measure for current financial situation edged slightly higher, although with the expiration of the additional $600 weekly jobless benefit approaching at the end of this month, expectations about future finances fell 11 points to 121.”
“We do not expect to see a material increase in consumer sentiment until it is widely viewed that the virus is under control.”
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