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Biden failed to mention that the Michigan US Consumer Sentiment Index fell to an 85-year record low

MICHIGAN - June 10, 2022: Burdened by high inflation, US consumer sentiment fell to a record low in June. The consumer climate surveyed by the University of Michigan fell by 8.2 points to 50.2 points compared to the previous month, as the university announced on Friday after a first round of surveys. This is the lowest value ever measured. On average, economists had expected a slight decline to 58.1 points.

Household expectations and assessments of the current situation deteriorated noticeably. High inflation in particular is weighing on consumer expectations, commented Joanne Hsu, director of the survey. Above all, the significantly increased petrol prices caused concern. Consumers’ inflation expectations rose again slightly from a high level. They expect an inflation rate of 5.4 percent on a one-year horizon, after previously expecting 5.3 percent.

The indicator from the University of Michigan is a measure of the purchasing behavior of US consumers. It is based on a telephone survey of around 500 households. The financial and economic situation assessment and the corresponding expectations are queried.

Source: Archyde

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