US consumer sentiment falls to a final July reading of 93.1 from 96.1

Consumer sentiment fell to a final July reading of 93.1 from the previous month reading of 96.1, according to reports on the University of Michigan gauge released Friday.

A preliminary reading for July had estimated sentiment at 93.3, while analysts had expected a final July figure of 94.

In the 12 months leading up to the recession, the consumer-sentiment gauge averaged 86.9 over the year.