Financial News: U.S. Consumer Sentiment Unexpectedly Drops To Seven-Month

U.S. Consumer Sentiment Unexpectedly Drops To Seven-Month Low In June

06/14/2024 - 10:12:00 (RTTNews)

(RTTNews) - The University of Michigan released preliminary data on Friday unexpectedly showing a continued deterioration in U.S. consumer sentiment in the month of June.

The report said the consumer sentiment index fell to 65.6 in June after tumbling to 69.1 in May. Economists had expected the index to rebound to 72.0.

With the unexpected decrease, the consumer sentiment index dropped to its lowest level since hitting 61.3 in November 2023.

The continued slump by the headline index partly reflected a notable decline by the current economic conditions index, which slid to 62.5 in June from 69.6 in May.

The index of consumer expectations showed a more modest decrease, edging down to 67.6 in June from 68.8 in May.

"Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes," said Surveys of Consumers Director Joanne Hsu.

On the inflation front, the report said year-ahead inflation expectations were unchanged at 3.3 percent in June, above the 2.3-3.0 percent range seen in the two years prior to the pandemic.

Long-run inflation expectations, on the other hand, inched up to 3.1 percent in June from 3.0 percent in May, reaching the highest level since hitting 3.2 percent in November 2023

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