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Morning Consult’s Index of Consumer Sentiment (ICS) fell 0.6 points to 90.0 among U.S. adults this past week, according to new survey data, with confidence dipping modestly across all income levels.
The drop coincides with a slight uptick in gas prices following a brief period of relief. Daily tracking by the firm indicates consumer sentiment is already starting to react to the higher fuel costs.
Despite potential economic risks, forward-looking price concerns remained low. Morning Consult’s Indirect Consumer Inflation Expectations (ICIE) decreased to 4.1% for the week ending July 18. Meanwhile, labor market indicators showed a minor increase in the Pay Loss Rate, which rose to 12.6%.
The data reflects a fragile environment where gains made in June are holding for now, even as underlying conditions start to shift.
Separate findings from Morning Consult’s July Price Response Indicators (PRI)—which survey purchasing decisions from mid-June through early July—showed that lower inflation in June temporarily influenced consumer behavior.
Fewer respondents reported that high prices affected their purchases across key categories, including groceries, dining out, and gasoline. Gasoline saw the largest reduction in price sensitivity after sharp price increases earlier in the year.
While improvements in grocery and restaurant spending may hold, researchers noted that continued increases in energy costs could lead to broader price pressures across other consumer sectors.
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U.S. Consumer Sentiment Drops Slightly As Gas Prices Begin Rising Again
