U.S. consumer sentiment declines in July : Report

WASHINGTON (MarketWatch) 

A gauge of consumer sentiment declined in July to the lowest level in three months, led down by expectations even as views on the current economy perked up

The preliminary July reading of the University of Michigan and Thomson Reuters consumer-sentiment index fell to 83.9 from a final June reading of 84.1, according to data released Friday
Economists polled by MarketWatch had expected the preliminary July reading to remain at 84.1, close to the highest level in six years, thanks to positive jobs news, as well as rising prices for homes and stocks
According to the report, a gauge of consumers’ expectations for the economy fell to 73.8 in July from 77.8 in June
Meanwhile, a gauge of their views on the current economy rose to 99.7 from 93.8
While rising mortgage rates are likely curbing sentiment readings, the decline may be temporary, analysts said
“We expect confidence to start moving up again as bond yields stop surging, the equity market reaches new highs and the labor market continues to recover,” wrote Jim O’Sullivan, chief U.S. economist at High Frequency Economics, in a research note
Thomson Reuters recently stopped releasing data early to certain subscribers, bowing to pressure from the New York attorney general.