Stock Rout Didn't Faze Consumer

Updated from 10:44 a.m. EDT

A final reading on the University of Michigan's consumer sentiment index for July came in better than expected Friday, despite a stock market swoon in the second half of the month.

"Considering what has transpired since the original survey was done, the results are encouraging," said Brian Jones, an economist at Salomon Smith Barney. "We ended the month on a high note."

The consumer sentiment index was 88.1, up from a preliminary result of 86.5 in the middle of the month but down from 92.4 in June. Economists were expecting a final reading of 86.5. ...