The University of Michigan released the final consumer sentiment index for Junetoday at 3:00 pm BST. In June, UoM index rises to 64.4, surpassing the expected level of 63.9.
Consumer sentiment experienced a significant 9% increase this month, with positive changes observed across all demographic groups. The economic outlook for the year ahead saw a remarkable 28% surge compared to the previous month, while long-term expectations also rose by 11%. This overall improvement can be attributed to the resolution of the debt ceiling crisis earlier in the month and a more favorable outlook on inflation. However, consumers' views on their personal financial situations remained unchanged due to persistent high prices and expenses. In terms of inflation expectations, the year-ahead projections decreased for the second consecutive month, reaching 3.3% in June from 4.2% in May, marking the lowest level since March 2021. Long-term inflation expectations remained relatively stable at 3.0%, remaining within the narrow range of 2.9% to 3.1% observed for the majority of the past 23 months. These expectations remained higher compared to the pre-pandemic range of 2.2% to 2.6%.
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