11:39 AM EDT, 07/12/2024 (MT Newswires) -- The preliminary Michigan Sentiment index fell to 66 in July from 68.2 in June, with consumers' assessment of current conditions and the index of consumer expectations both lower.

Respondents saw both one-and five-year inflation expectations slow to 2.9% gain from 3% in June. Michigan said that as the elections are near, consumers are concerned about the trajectory of economy.

The PPI rose by 0.2% in June following a steady reading in May, with energy prices down 2.6% and food prices down 0.3%.

Core prices, which exclude food and energy, increased by 0.4%, above expectations, after a 0.3% increase in the previous month.

The year-over-year rise in producer prices accelerated to 2.6% from 2.4% in the prior month, while core prices accelerated to 3% year-over-year after a 2.6% year-over-year increase in the previous month.

The St. Louis Fed's GDP nowcast estimate for Q2 is for a 0.97% gain, above 0.68% in the previous estimate.