ANN ARBOR, Mich., July 29 (UPI) -- U.S. consumer confidence edged upward this month, despite higher gasoline prices and terror bombings in London.
The University of Michigan consumer sentiment survey for July was 96.5, just above the 96 reading last month and largely in line with economists' expectations, the school reported Friday.
"The highest overall level of consumer confidence was recorded during the past two months since the last economic downturn started nearly five years ago," said Richard Curtin of the University of Michigan.
High gas prices did diminish confidence, but these declines were offset by other factors.
"High gas prices had a larger impact on the living standards of lower income households while upper income households were more likely to expect other economic gains to overcome the drain of gas prices," Curtin said.
