University of Michigan's Index of Consumer Sentiment posts preliminary June level of 50.2, down from May's 58.4; all components of sentiment index fell with steepest decline in year-ahead outlook in business conditions, down 24% month-over-month

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June 10, 2022 (press release) –

Preliminary Results for June 2022

                                                        Jun      May   Jun       M-M          Y-Y
                                                       2022   2022   2021   Change   Change
Index of Consumer Sentiment        50.2    58.4    85.5    -14.0%    -41.3%
Current Economic Conditions         55.4    63.3    88.6    -12.5%    -37.5%
Index of Consumer Expectations    46.8    55.2    83.5    -15.2%    -44.0%

Next data release: Friday, June 24, 2022 for Final June data at 10am ET

Surveys of Consumers Marks Leadership Change

Surveys of Consumers Director Joanne Hsu
Consumer sentiment declined by 14% from May, continuing a downward trend over the last year and reaching its lowest recorded value, comparable to the trough reached in the middle of the 1980 recession. All components of the sentiment index fell this month, with the steepest decline in the year-ahead outlook in business conditions, down 24% from May. Consumers' assessments of their personal financial situation worsened about 20%. Forty-six percent of consumers attributed their negative views to inflation, up from 38% in May; this share has only been exceeded once since 1981, during the Great Recession. Overall, gas prices weighed heavily on consumers, which was no surprise given the 65 cent increase in national gas prices from last month (AAA). Half of all consumers spontaneously mentioned gas during their interviews, compared with 30% in May and only 13% a year ago. Consumers expect gas prices to continue to rise a median of 25 cents over the next year, more than double the May reading and the second highest since 2015. In addition, a majority of consumers spontaneously mentioned supply shortages for the ninth consecutive month.

 

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