Consumer spending index looking good for remainder of year

Since 2017, consumer sentiment, for the most part, has remained steady leaving Americans confident about the economy.

The University of Michigan’s preliminary reading of its consumer sentiment index 98.4, up from 98.2 in June and slightly below economist expectations of 98.6.

Prices have remained low, defying predictions that tariffs would push prices up.

"Both lower and upper income households report more gains and income, as well as wealth," said University of Michigan Surveys of Consumers director Richard Curtin.

He said consumers believe the favorable trends of improved gains in employment, as well as wages numbers help improve their financial situation.

"In the second quarter, consumer spending will advance by 3.5 to four percent," said Curtin.

He added consumer spending will look good the rest of the year. While it won't be that high, it will be strong enough to sustain the economy out of recession.

Mixed Race man taking money out of wallet

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