University of Michigan's Index of Consumer Sentiment posted a preliminary June level of 65.6, down from 69.1 in May; assessments of personal finances weakened due to rising concerns over high prices and weakening incomes

June 26, 2024 (press release) –

Preliminary Results for June 2024

Sources of Economic News and Information for Consumers (May 3, 2024)
Next data release: Friday, June 28, 2024 for Final June data at 10am ET
Surveys of Consumers Director Joanne Hsu
Consumer sentiment was little changed in June; this month’s reading was a statistically insignificant 3.5 index points below May and within the margin of error. Sentiment is currently about 31% above the trough seen in June 2022 amid the escalation in inflation. Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes. Overall, consumers perceive few changes in the economy from May.

Year-ahead inflation expectations were unchanged this month at 3.3%, above the 2.3-3.0% range seen in the two years prior to the pandemic. Long-run inflation expectations inched up from 3.0% last month to 3.1% this month; the June reading should be interpreted as essentially unchanged from May. Long-run inflation expectations have been remarkably stable over the last three years but remain elevated relative to the 2.2-2.6% range seen in the two years pre-pandemic.

All of these patterns are visible when looking at trends within phone interviews alone or web interviews alone, and thus they are not artifacts of the survey's methodological transition.

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