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Preliminary estimates from the University of Michigan indicate a sharper-than-expected decline in U.S. consumer confidence in June, reaching its lowest point in seven months.
The survey also showed that inflation expectations remain largely unchanged, suggesting that the decreased consumer sentiment has not led to a perception of reduced price pressures in the coming years.
“Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes. Overall, consumers perceive few changes in the economy from May,” University of Michigan’s Surveys of Consumers Director Joanne Hsu, said.
Year-ahead inflation expectations remained steady at 3.3% this month, which is higher than the 2.3-3.0% range observed in the two years preceding the pandemic.
Long-term inflation expectations slightly increased from 3.0% last month to 3.1% this month.
Although long-term expectations have been notably stable over the past three years, they “remain elevated relative to the 2.2-2.6% range seen in the two years pre-pandemic,” Hsu added.
Wall Street hovered in the red Friday, after major indices, such as the S&P 500 and the Nasdaq 100, hit record high closes on Thursday.
The SPDR S&P 500 ETF Trust (NYSE:SPY) fell following the report, extending the session decline to 0.4%. Small caps also witnessed a drop, with the iShares Russell 2000 ETF (NYSE:IWM) down 1.7% for the day.
Investors flocked to safe havens again, with the bond yields down across all maturities. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) rose 0.9%, and by 3.5% for the week, eyeing the strongest weekly performance since December 2023.
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