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.
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Pretty rotten UoM Consumer Sentiment reading. Expectation was for 72.1, and we got 65.6 instead:
— Markets & Mayhem (@Mayhem4Markets) June 14, 2024
"Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes." pic.twitter.com/Lpl8CXbJqQ