UNEXPECTEDLY Alert: Consumer Sentiment Unexpectedly Falls to Lowest Level in Months

Consumer sentiment fell in June to the lowest level in about seven months and long-run expectations for inflation rose — bad signs for the economy and President Joe Biden.

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The University of Michigan Consumer Sentiment Index dropped to 65.6, defying economists’ expectations that it would tick up. That is a 5.1% dip in consumer sentiment from the month before. The last time sentiment was this low was in November 2023.

Year-ahead inflation expectations were flat at 3.3%, while long-run inflation expectations ticked up slightly to 3.1%.

Survey director Joanne Hsu said that while consumer sentiment declined this month, the 3.5 index point dip is relatively minor in the grand scheme of things. That decline is within the margin of error for the survey.

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