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US consumers are feeling the most optimistic since September 2021 | CNN Business

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Consumer sentiment tracked by the University of Michigan rose 13% in July, the second straight month of improvement and the biggest over-month gain since 2006, according to a preliminary reading released Friday morning

. The index reached its highest level since September 2021. Meanwhile, the report showed that consumers’ expectations for inflation rates remained at their lowest levels since early 2021. Consumers see inflation rates of 3.4% in the year ahead, and while that’s well below last year’s 5.4% peak, it’s slightly higher than the previous reading.

“I feel like we are on a golden path of avoiding recession,” Chicago Fed President Austan Goolsbee told CNBC last week. Headed for a soft landing? Still, Americans face a tough economic landscape in the months ahead as they reckon with debt they’ve racked up in the past year and the resumption of student loan payments, though the Biden administration recently announced that 804,000 borrowers will have their student debt wiped away, totaling $39 billion, in the coming weeks.

 

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