(CercleFinance.com) – American consumer confidence suffered an unexpected deterioration in June, the first results of the monthly survey from the University of Michigan showed on Friday.
The confidence index calculated as part of this survey came out at 65.6 in a first estimate, after having reached 69.1 in February. Economists, on the contrary, predicted an improvement to 73.
Joanne Hsu, the author of the report, attributes this decline to households’ concerns about the current state of their finances, against a backdrop of persistently high prices and weakening of their real wages.
Their inflation expectations for the coming 12 months thus stood at 3.3%, above the range of 2.3% to 3% which prevailed before the pandemic.
The subindex measuring consumers’ judgment of their current situation fell to 62.5, from 69.6 last month, while that measuring their outlook fell to 67.6 from 68.8.
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