Consumer Sentiment Falls in July

U.S. consumer sentiment fell more than expected in July, a survey released on Friday showed.

The University of Michigan's preliminary July reading on the overall index on consumer sentiment came in at 93.3, down from a final reading of 96.1 in June.

It was below the median forecast of 96.1 among economists polled by Reuters.

The survey's barometer of current economic conditions fell to 106.0 from 108.9 in June but was above a forecast of 97.2.

The survey's gauge of consumer expectations slipped to 85.2 from 87.8 from the prior month's final reading and was below an expected 87.0.

The survey's one-year inflation expectation ticked up to 2.8 percent from the prior 2.7 percent, while the survey's five-to-10-year inflation outlook was at 2.7 percent from 2.6 percent in the previous month.

(Reporting by Chuck Mikolajczak; Editing by Meredith Mazzilli)