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- U.S. consumer sentiment index falls slightly more than forecast in early June
U.S. consumer sentiment index falls slightly more than forecast in early June
A report from
the University of Michigan revealed on Friday the preliminary reading for the
Reuters/Michigan index of consumer sentiment fell to 97.9 in early June.
Economists had
expected the index would decrease to 98.0 this month from May’s final reading
of 100
In early June, consumer
sentiment reversed the May gain due to tariffs as well as slowing gains in
employment, the report said. Some of the decline was due to expected tariffs on
Mexican imports, which may be reversed in late June, but most of the concern
was with the 25% tariffs on nearly half of all Chinese imports. Consumers
responded by lowering growth prospects for the national economy, and as a
consequence, reduced the expected gains in employment.
According to
the report, the index of current U.S. economic conditions rose to 112.5 in June
from 110.0 in the previous month. Meanwhile, the index of consumer expectations
fell to 88.6 this month from 93.5 in March.
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