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Economy in Brief

Michigan Consumer Sentiment Up During July
by Tom Moeller July 27, 2007

The University of Michigan's reading of consumer sentiment this month rose 6.0% to 90.4, the highest level since February. The increase was less than the 8.3% gain reported in the preliminary report and it fell short of Consensus expectations for a reading of 91.5.

Consumer expectations contributed to the rise with a 9.1% jump m/m.

An improved expectation for business conditions during the next year contributed with an 11.7% m/m rise and an improved outlook for the next five years contributed with a 9.1% jump. Both these increases were much reduced from the preliminary report.

An improved view of the current economic conditions contributed as it rose 2.6%. The view of current personal finances rose 4.5% (4.5% y/y) but the perspective of current buying conditions rose just 1.3% (-1.3% y/y).

The assessment of government policy improved 4.9% (4.9% y/y) after falling sharply during the prior two months.

The University of Michigan survey is not seasonally adjusted.The reading is based on telephone interviews with about 500 households at month-end.

University of Michigan July July (Prelim.) July y/y June 2006 2005
Consumer Sentiment 90.4 92.4 6.7% 85.3 87.3 88.6
   Current Conditions 104.5 105.7 1.0% 101.9 105.1 105.9
   Expectations 81.5 83.9 12.4% 74.7 75.9 77.4
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