U.S. Consumer Sentiment Deteriorates Much Less Than Previously Estimated In June

Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. deteriorated by much less than previously estimated in the month of June.

The University of Michigan said the consumer sentiment index for June was upwardly revised to 68.2 from the preliminary reading of 65.6.

The revised reading is still down from 69.1 in May but came in well above economist estimates for an upward revision to 65.8.

The report said the current economic conditions index slumped to 65.9 in June from 69.6 in May, while the index of consumer expectations rose to 69.6 in June from 68.8 in May.

“While consumers exhibited confidence that inflation will continue to moderate, many expressed concerns about the effect of high prices and weakening incomes on their personal finances,” said Surveys of Consumers Director Joanne Hsu.

She added, “These trends offset the improvements in the short- and long-run outlook for business conditions stemming in part from expectations for softening interest rates.”

On the inflation front, the report said year-ahead inflation expectations fell to 3.0 percent in June from 3.3 percent in May.

Long-run inflation expectations came in at 3.0 percent for the third consecutive month and have remained remarkably stable over the last three years, the University of Michigan said.

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