The American Consumer Thinks Things Look Great Today

University of michiganREUTERS/Mike StoneMichigan fans cheer before the start of the NCAA football game between the University of Alabama and the University of Michigan at the Cowboys Stadium in Arlington, Texas September 1, 2012.

The University of Michigan’s consumer sentiment index slipped to to 81.8 in July from 82.5 in June.

This reading, however, was actually right in line with expectations.

According to the survey, consumers’ assessment of the current situation improved with the conditions sub-index jumping to 97.4 in July from 96.6 in June.

However, the outlook deteriorated with the outlook sub-index falling to 71.8 in July from 73.5 in June.

Earlier today, we learned that the U.S. economy added 209,000 jobs in July. While this was below the 230,000 expected by economists, it also reflected the sixth straight month of 200,000+ jobs created. The last time this happened was in 1997.

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