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The United States consumer sentiment for the month of June faded on concerns over the nation’s economic outlook, even before possible repercussions from the United Kingdom’s decision to leave the European Union.
The University of Michigan’s final index of consumer sentiment fell to 93.5, down from a preliminary reading of 94.3 and compared with 94.7 in May. The median projection in a Bloomberg survey called for 94.1. Current conditions fell to 110.8 compared to 111.7 in May, while consumer expectations dropped to 82.4 from 83.2 previously. However, inflation expectations bounced higher at both the 12-month (2.6 percent, previous: 2.4 percent) and 5-10 years (2.6 percent, previous: 2.3 percent) horizon.
"We expect some impact of Brexit via the stock market on consumer attitudes but it would depend on how long-lasting it is," Bloomberg reported, citing Richard Curtin, Director, University of Michigan consumer survey, during a conference call.
While household remained resilient on their current financial conditions, they expected slower employment gains in the year ahead and a higher jobless rate as the economy cools. Respondents voiced the most positive assessments about their finances since late 2000, Curtin mentioned in his statement.
Meanwhile, consumers expected inflation rate in the next year was 2.6 percent, up from 2.4 percent in May. Americans expected inflation to be 2.6 percent as well within five to 10 years, compared to 2.5 percent in May. The preliminary expected inflation for the longer term was 2.3 percent, the lowest the survey had ever recorded.
The proportion of Americans in a better financial situation held at 49 percent in June. While consumers expected nominal income gains of 1.6 percent for the remainder of the year, their expectations of incomes after adjusting for inflation were the most upbeat since January 2007, Bloomberg reported. However, the Michigan report is at odds with Thursday’s Bloomberg Consumer Comfort Index measure, which marked the largest improvement in sentiment in a year and a half.
