U.S. consumer sentiment fell in early July and missed expectations, according to a report released on Friday. (Tweet This)
The Thomson Reuters/ University of Michigan's preliminary reading on the index was 93.3, while economists expected it to come in at 95.5. The index reading for July was also below a final June reading of 96.1.
"Consumer confidence continued to meander sidewards with no indication of a potential break in the prevailing positive trend in sentiment. The small loss in early July reflected a slight rise in concerns about international developments which was partially offset by continued news of job gains," Surveys of Consumers Chief Economist Richard Curtin said.
"The July reading was the eighth month above 90.0, the best record since seventeen months were recorded from late 2003 to early 2005 during the last expansion," Curtin added.
The survey's gauge of consumer expectations slipped to 85.2 from 87.8 from the prior month's final reading and was below an expected 87.0.
The survey's one-year inflation expectation ticked up to 2.8 percent from the prior 2.7 percent, while the survey's five-to-10-year inflation outlook was at 2.7 percent from 2.6 percent in the previous month.