Keeping you up to date on the latest data releases.
- Consumer Sentiment
The University of Michigan’s Index of Consumer Sentiment was revised down from 74.1 to 73.2 in June, a relatively large (6 point) decline from its level in May. Interestingly, the release noted that nearly all of June’s decline was driven by respondents with household income north of $75,000. These respondents viewed prospects for the economy and their own financial situation as significantly worse (causing a 15.7 index point decline in their respective sentiment index). The sentiment index for respondents with lower incomes was unchanged in June. Despite the drop off in sentiment, median inflation expectations for the short-run (one-year ahead) and longer-term (five-to-ten years ahead) ticked up in June, with each index rising 0.1 percentage point to 3.1 percent and 2.8 percent, respectively.