(Bloomberg) US Consumer Sentiment Unexpectedly Falls to Seven-Month Low

US consumer sentiment unexpectedly fell to a seven-month low in early June as high prices continued to take a toll on views of personal finances.

The sentiment index dropped to 65.6 in June from 69.1, according to the preliminary reading from the University of Michigan. The median estimate in a Bloomberg survey of economists called for the measure to rise to 72.

Consumers expect prices will climb at an annual rate of 3.1% over the next five to 10 years, up slightly from the 3% expected in May, the data out Friday showed. They see costs rising 3.3% over the next year, the same as in the previous month.

Read it all (registration or subscription).

Pretty rotten UoM Consumer Sentiment reading. Expectation was for 72.1, and we got 65.6 instead:

"Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes." pic.twitter.com/Lpl8CXbJqQ

— Markets & Mayhem (@Mayhem4Markets) June 14, 2024