Thomson Reuters and the University of Michigan released their final report on consumer sentiment in the month of July on Friday, showing that the consumer sentiment index was upwardly revised by more than expected but continued to show a notable deterioration in sentiment compared to June.

The report showed that the consumer sentiment index for July was upwardly revised to a reading of 67.8 from the preliminary estimate of 66.5. While the revised reading came in above economist estimates of 67.5, it remained well below the June reading of 76.0.

Richard Curtin, Surveys of Consumers chief economist, said, "Scarce jobs and stagnating incomes have been the top concerns of consumers for some time."

"What changed in July was their recognition that the anticipated slowdown in the economy will keep jobs scarce for some time, while their uncertainties about future prospects were increased by the policies of the Obama administration," he added.

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