RTTNews - Consumer sentiment in the month of July has deteriorated by much more than anticipated, according to a report released by Reuters and the University of Michigan on Friday, with the decrease likely due in part to concerns about the labor market.

The report showed that the preliminary reading on the consumer sentiment index for July came in at 64.6 compared the final reading of 70.8 for June. Economists had been expecting a more modest decrease to a reading of about 70.0.

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