Consumer Sentiment Falls Sharply in the U.S. Amid Higher Inflation Expectations

By: Tomas Ronolski - AllPennyStocks.com News

Friday, June 24, 2022

A popular consumer sentiment index posted a multi-decade low due to the impact of pricing pressures.The final reading of the University of Michigan’s gauge of consumer sentiment fell to 50 from an initial reading of 50.2 earlier in the month and markedly below May’s level of 58.4. Analyst expectations were for a reading of 50.2

The University of Michigan Consumer Sentiment Index is a consumer confidence index published monthly by the University of Michigan. The index is normalized to have a value of 100 in the first quarter of 1966. Each month at least 500 telephone interviews are conducted of a contiguous United States sample, asking about how consumers feel about the economy, personal finances, business conditions, and buying conditions.

The year-ahead outlook for the economy saw the sharpest decline from last month at 24 percent. Despite consumers appearing relatively optimistic about income stability, their assessment of their personal financial situation worsened about 20 percent, according to the survey.

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