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14.06.2024

U.S. consumer sentiment index unexpectedly declines in early June

A report from the University of Michigan showed on Friday that the preliminary reading for the Reuters/Michigan index of consumer sentiment fell 5.1 per cent m-o-m to 65.6 in early June. This was the lowest reading since November 2023 (61.3).

Economists had forecast the indicator would rise to 72.0 this month from the May final reading of 69.1.

According to the report, the index of current economic conditions tumbled 10.2 per cent m-o-m to 62.5 in June, while the index of consumer expectations dropped 1.7 per cent m-o-m to 67.6. 

The report also revealed that the estimates of year-ahead expected inflation held steady at 3.3 per cent early this month. Meanwhile, the 5-year expected inflation increased from 3.0 per cent to 3.1 per cent, the highest level since November 2023 (3.2 per cent).

Commenting on the latest findings, Surveys of Consumers Director Joanne Hsu noted that assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes. “Overall, consumers perceive few changes in the economy from May,” she added.

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