July consumer sentiment hits 93.4, vs 93.1 estimate

Customers shop at a Home Depot store on July 26, 2017 in Chicago.
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Customers shop at a Home Depot store on July 26, 2017 in Chicago.

Consumer confidence remained largely unchanged for the month, a survey of consumers by The University of Michigan revealed on Friday. But this means Americans appear the most optimistic about the current economic situation in U.S. than they have in 12 years.

July consumer sentiment ended up at 93.4, the group said. Meantime, economists expected the July measure of consumer attitudes to fall slightly more, to 93.1, according to a survey from Thomson Reuters.

U.S. consumer sentiment last fell to 95.1 in June, sinking 2.1 percent from May.

"The relatively small decline still left the Sentiment Index higher in the first seven months of 2017 than in any other year since 2004," the group's chief economist, Richard Curtin, said in a statement. "The size of the decline was tempered by record favorable views of Current Economic Conditions, which rose to its highest level since July of 2005."

"At the same time, consumers expressed less optimism about future prospects for the overall economy and for their own personal finances," Curtin added.

The University of Michigan is set to release preliminary August data for consumer sentiment on Friday, Aug. 18.

Read the full release from The University of Michigan.