by John Carney
Breitbart.com
High inflation brought down consumer sentiment to the lowest level in seven months in early June, the University of Michigan’s survey of U.S. households showed Friday.
The University of Michigan Consumer Sentiment Index fell to 65.6 in the preliminary June reading, down from 69.1 in May. Economists had expected the index to rise to 72.
The decline was driven by a worse assessment of current conditions and a smaller dip in the expectations gauge.
“Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes,” the survey’s director, Joanne Hsu, said. “Overall, consumers perceive few changes in the economy from May.”