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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Read it all<\/a> (registration or subscription).<\/p> 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<\/a><\/p>— Markets & Mayhem (@Mayhem4Markets) June 14, 2024<\/a><\/blockquote>