Woofun AI data shows that the University of Michigan Consumer Confidence Index increased from 49.5 in June to 54.4, surpassing the 50.5 forecast by economists. Samuel Tombs of Pantheon Macroeconomics noted that while the figure remains below last year's average, the drop in inflation expectations offers relief to the Federal Reserve. Tombs added that workers' lack of leverage makes significant wage growth driven by recent inflation rebounds unlikely.