U.S. consumer sentiment came in slightly below expectations at 93.1, the Survey of Consumers said Friday.
“A disappointing pace of economic growth was the main reason for the small decline in consumer confidence,” Surveys of Consumers Chief Economist Richard Curtin, said in a release.
The July reading was the lowest since May.
“Nonetheless, the data provide no indication of a break in the prevailing positive trend.
Indeed, the Sentiment Index has averaged 94.5 since December 2014, the highest eight month average since 2004. Although one-in-ten consumers, when asked to identify any recent economic developments they had heard, referred negatively to Greece, the Chinese economy, and the Trans-Pacific Partnership on trade, it had virtually no impact on the Sentiment Index.”