Consumer sentiments improved dramatically in July 2022. Fast frequency indicator — the 30-day moving average — had indicated acceleration in the Index of Consumer Sentiments (ICS) by mid-July. Gains made during the second and third weeks of July were largely sustained through the end of the month although there was some weakening of sentiments in the last week. Consumer sentiments were weak in the first week of August, too. Nevertheless, the overall performance in July was remarkable.
July 2022 saw a turnaround in consumer sentiments after four months of substantial weakening of the pace of its growth. The ICS grew
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