×

Consumer sentiment hits 90 in July vs. 90.5 estimate

Shoppers look at items in a Macy's department store in New York.
Michael Nagle | Bloomberg | Getty Images
Shoppers look at items in a Macy's department store in New York.

A measure of consumers' attitudes was slightly lower this month.

The Index of Consumer Sentiment hit 90 in July, the University of Michigan said Friday. Economists expected the consumer sentiment index to hit 90.5 in July's final reading, down from 93.5 in June's final reading.

The monthly survey of 500 consumers measures attitudes toward topics like personal finances, inflation, unemployment, government policies and interest rates.

Richard Curtin, the survey's chief economist, cited increased concerns about economic prospects among upper income households, including lingering worries about Britain's vote to leave the European Union, for the downturn.

"While concerns about Brexit are likely to quickly recede, weaker prospects for the economy are likely to remain," Curtin said. "Uncertainties surrounding global economic prospects and the presidential election will keep consumers more cautious in their expectations for future economic growth."

Click here to track the market reaction.