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US: Michigan consumer sentiment has plummeted

US: Michigan consumer sentiment has plummeted

With the burden of high inflation, US consumer sentiment fell to an all-time low in June. The consumer climate, calculated by the University of Michigan, is down 8.2 points to 50.2 points from the previous month, the university announced Friday after the first round of surveys. This is the lowest value ever measured. On average, economists expect a slight decline to 58.1 points.

Family expectations and assessments of the current situation have deteriorated significantly. John Hsu, director of the survey, commented that particularly high inflation weighs on consumer expectations. Above all, the significant rise in petrol prices has caused concern. Consumer inflation expectations rose slightly again from high levels. Inflation is expected to be 5.4 per cent in the one-year period, up from 5.3 per cent earlier.

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