Economics
US Consumer Sentiment Slumps to Record Low on Rapid Inflation
- University of Michigan June sentiment index tumbles to 50.2
- Short- and long-term consumer inflation expectations climb
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US consumer sentiment plunged in early June to the lowest on record as soaring inflation continued to batter household finances.
The University of Michigan’s preliminary June sentiment index fell to 50.2, from 58.4 in May, data released Friday showed. The figure was weaker than all estimates in a Bloomberg survey of economists which had a median forecast of 58.1.