Consumer sentiment was virtually unchanged in July for the third straight month, according to the University of Michigan’s new Surveys of Consumers released Friday.

Sentiment this month was 1.8 points lower than in June — a statistically insignificant decrease, the researchers noted — through attitudes varied based on individuals’ wealth.

Sentiment among consumers with substantial stock holdings increased in July but fell for individuals who have few or no stocks. Since June 2022, consumer sentiment for those with the largest holdings of stocks has increased 71% but only 11% for those without stocks. The gap between the largest stock holders and those without investments in the stock market is 33 points.

Over the past six months, returns in the S&P 500 are up about 14%.

“Continued strength in consumer spending is consistent with the fact that sentiment among wealthy and high-income consumers — those with the most purchasing power — which has climbed sharply over the past two years,” University of Michigan Surveys of Consumers Chief Economist Joanne Hsu said in a statement.

“These consumers generate a disproportionate share of spending and have been supported not only by rising asset values and incomes, but also growing confidence in the economy as well. In contrast, the burden of high prices continues to drag down sentiment for less wealthy consumers.”

The survey found Americans expect inflation to continue cooling, but they are also guarded about the economy because of persistently high prices.

The survey results come as the Federal Reserve’s preferred inflation measure showed cooling in June, setting the stage for a possible interest rate cut in September.