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Financial News: U.S. Consumer Sentiment Drops Slightly Less Than Initially

U.S. Consumer Sentiment Drops Slightly Less Than Initially Estimated In June

06/28/2019 - 10:44:00 (RTTNews)

(RTTNews) - Revised data released by the University of Michigan on Friday showed U.S. consumer sentiment deteriorated by slightly less than initially estimated in the month of June.

The report said the consumer sentiment index for June was upwardly revised to 98.2 from 97.9, although it remains below the final May reading of 100.0. Economists had expected the index to be upwardly revised to 98.0.

"June's small overall decline was entirely due to households with incomes in the top third of the distribution, who more frequently mentioned the negative impact of tariffs," said Surveys of Consumers chief economist Richard Curtin.

He added, "Most of the June slippage was concentrated in prospects for the national economy, with the unemployment rate expected to inch upward instead of drifting downward in the year ahead."

The monthly pullback by the consumer sentiment index came as the index of consumer expectations slid to 89.3 in June after jumping to 93.5 in May.

On the other hand, the report said the current economic conditions index edged up to 111.9 in June after tumbling to 110.0 in the previous month.

Inflation expectations showed a notable decline during the month, with one-year inflation expectations falling to 2.7 percent from 2.9 percent and five-year inflation expectations slumping to 2.3 percent from 2.6 percent.

"While more negative trade news will act to decrease consumer spending, the persistent overall strength in consumer confidence is still consistent with growth of real personal consumption expenditures by 2.5% during the next twelve months," Curtin said.

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