US late July Reuters/Michigan consumer sentiment rises to 61.2 UPDATE

(Adds more survey details)

WASHINGTON (Thomson Financial) - Consumer sentiment, as measured by the Reuters/University of Michigan index, rose unexpectedly to 61.2 in late July from a reading of 56.6 in early July.

Economists polled by Thomson's IFR Markets had expected sentiment to fall slightly to 56.4 in late July.

The index of current economic conditions rose to 73.1 in late July from 69.5 in early July, and the index of consumer expectations rose to 53.5 from 48.3.

Consumer inflation expectations also fell in the late July survey. Consumers saw year-ahead inflation at 5.1 pct, down from the 5.3 pct seen earlier in the month.

Similarly, consumers saw long-term inflation at 3.4 pct, down from 3.2 pct. [e-mail] pik/wash/kf1/wash/kf1 COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.