U.S. consumer sentiment this month was lifted by easing inflation concerns and the resolution of the debt ceiling crisis
U.S. consumers’ near-term inflation expectations dropped to more than a two-year low in June and the outlook over the next five years improved slightly, according to a survey on Friday that also showed sentiment perking up.
The University of Michigan survey’s reading of one-year inflation expectations dropped to 3.3 per cent this month, the lowest since March 2021, from 4.2 per cent in May. Its five-year inflation outlook dipped to 3.0 per cent from 3.1 per cent in May, staying within the narrow 2.9-3.1 per cent range for 22 of the last 23 months.
Easing worries about inflation lifted consumers’ spirits this month. The survey’s preliminary reading on the overall index of consumer sentiment came in at a four-month high of 63.9 in June compared with 59.2 in May. Economists polled by Reuters had forecast a preliminary reading of 60.0.
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