US' 1-year economic outlook falls to lowest since 2009: Survey

By Ovunc Kutlu

ANKARA (AA) - American consumers' one-year economic outlook in July fell to its lowest level since 2009, according to a University of Michigan survey on Friday.

"Long run expectations came in at 2.9%, remaining within the 2.9-3.1% range seen in the past 11 months," Surveys of Consumers Director Joanne Hsu said in a statement.

"Inflation continued to dominate consumers’ attention, and labor market expectations continued to soften," he added.

The index of consumer expectations fell 0.2 point to 47.3 in July, from 47.5 in June, according to the final readings in the survey.

Hsu, however, said consumers' concerns over global factors have eased somewhat, which provided some limited support to buying conditions.

"This month’s Sentiment Index was the second lowest reading on record, and the second quarter slowdown in personal consumption expenditures was no surprise," he added.

The index of consumer sentiment rose 1.5 points to 51.5 this month, from 50 last month.

The index of current economic conditions increased 4.3 points to 58.1 from 53.8.

Consumer inflation in the US is still hovering around its highest level in four decades, as it annually rose 9.1% in June.