July 16th, 2024

US consumer sentiment falls for third month on concerns about persistent inflation

By Christopher Rugaber, The Associated Press on June 14, 2024.

Shoppers consider rug samples on display in a furniture store Sunday, June 2, 2024, in Lone Tree, Colo. On Friday, June 14, 2024, the University of Michigan releases its preliminary reading of consumer sentiment for June. (AP Photo/David Zalubowski)

WASHINGTON (AP) – U.S. consumer sentiment fell in June for the third straight month as Americans took a dimmer view of their own finances and worried about persistent inflation.

The University of Michigan’s consumer sentiment index, released Friday in a preliminary version, dropped to 65.6 this month from a final reading of 69.1 in May. June’s reading is about 30% higher than the bottom reached in June 2022, when inflation peaked at a four-decade high, but is still below levels typically associated with a healthy economy. Consumers’ outlook has generally been gloomy since the pandemic and particularly after inflation first spiked in 2021.

Consumer spending is a crucial driver of growth. Sour sentiment about the economy is also weighing on President Joe Biden’s reelection bid.

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