U.S. consumer sentiment deteriorated further at the beginning of June, reaching its lowest level ever recorded, as concerns over inflation weighed on Americans’ views on the economy and their finances amid quickly rising gas prices.
The preliminary estimate of the consumer sentiment index published Friday by the University of Michigan fell to 50.2 in June from 58.4 in May, missing the 58.5 consensus forecast from economists polled by The Wall Street Journal.
The reading marks the lowest point since the inception of the survey in the late 1940s. The University of Michigan consumer sentiment index has been trending downward since more than a year ago, as subsequent Covid-19 waves and later a sharp rise in inflation weighed on moods.
R&I – FS