- A closely watched measure of U.S. consumer confidence was higher in July than first estimated, according to published reports Friday, indicating that consumers were not quite as worried about news of corporate malfeasance and falling stock prices as first thought.
The University of Michigan revised its July consumer sentiment index to 88.1 from an initial reading of 86.5, according to a Reuters report. Economists, on average, expected a reading of 86.5 following June's reading of 92.4, according to Briefing.com. The report is available only to paying subscribers.
"The fact that the final number is higher than the preliminary number shows that the American consumer is not going to be easily intimidated," said A.G. Edwards economist Patrick Fearon
