Michigan Consumer Sentiment Drops To 65.6, Missing Analyst Expectations

On June 14, 2024, the University of Michigan released Michigan Consumer Sentiment report for June. The report indicated that Consumer Sentiment declined from 69.1 in May to 65.6 in June, compared to analyst consensus of 72. At current levels, Consumer Sentiment is about 31% above the lows seen back in June 2022.

Current Economic Conditions declined from 69.6 in May to 62.5 in June, while Index of Consumer Expectations decreased from 68.8 to 67.6.

Year-ahead inflation expectations were unchanged at 3.3%, while long-run inflation expectations increased from 3.0% in May to 3.1% in June.

The University of Michigan commented: “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.”

U.S. Dollar Index settled near session highs as traders reacted to Consumer Sentiment data. Currently, U.S. Dollar Index is trying to settle above the 105.80 level. Treasury yields are moving lower, but forex traders stay bullish on U.S. dollar.

Gold continues its attemtps to settle above the $2330 level after the release of the weaker-than-expected report. Demand for precious metals is rising amid falling Treasury yields.

SP500  remained under pressure as traders reacted to the report. Traders are taking some profits off the table near historic highs.

For a look at all of today’s economic events, check out our economic calendar.