US: Consumer confidence plunges record in June

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The University of Michigan Consumer Confidence Index fell to an all-time low of 50.2 points in June, falling sharply from 58.4 in May.

It is worth noting that economists who took part in a poll by the Wall Street Journal expected a slight increase in the index, to 59 points in June.

According to the University of Michigan, the level of 50.2 points is comparable to the historical low recorded in the mid-1980s recession.

At the same time, Americans’ expectations for inflation next year jumped to 5.4% in June from 3.3% in May, while for the next 5 years they rose to 3.3% from 3% the previous month.

This is the highest level since 2008, says Katie Jones, strategic analyst at Charles Schwab.

According to the report, the consumer opinion index for the current situation fell to 55.4 in June from 63.3 last month, while the barometer of their expectations fell to 46.8 from 55.2.

Rising petrol prices and headline inflation are the biggest concerns in consumer confidence.

Characteristically, the percentage of consumers who cited inflation as the main reason for their concerns was the highest since 1981, economists at Contingent Macro said.

Source: Capital

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