Economic Buzz: US consumer confidence improves in July

The Consumer Sentiment Index in the United States improved by 9.9% in July compared to the previous month, reaching 54.4, according to a preliminary report released by the University of Michigan on Friday.

Still, the indicator plunged by 11.8% on an annual basis. The Current Economic Conditions Index jumped by 15.1% month-over-month and plunged 19.3% year-over-year to stand at 54.9 in July. Meanwhile, the Index of Consumer Expectations rose 6.5% on a monthly basis and slid 6.4% on a yearly basis, coming in at 54.0.

Finally, the report warned that the sentiment's upward momentum may prove difficult to sustain if recent declines in gas prices continue to reverse course.

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