The University of Michigan consumer sentiment index was revised upwards Friday to a reading of 55.2 for July from 54.4 in the preliminary estimate, compared with expectations for a downward revision to 54.0 in a survey compiled by Bloomberg.
That was above the final reading of 49.5 in June.
The current conditions index was revised slightly downwards to 54.8 from a 54.9 preliminary estimate, but was above the 47.7 reading in June, while the expectations index was revised upwards to 55.4 from 54.0. The index was 50.7 in June.
Respondents expected a 4.2% inflation rate over the next year, down from 4.6% in June and 3.3% annual inflation over the next five years, same as in June.
The twice-monthly Michigan Sentiment index measures consumer sentiment early in the current month (the preliminary estimate) and is then revised later in the month (the final estimate).
The headline index is a combination of the current assessment and expectations for the near future. An increase in the reading suggests consumers are more confident, a positive for stocks if that confidence translates into spending.