US Consumer Sentiment Discovers A Fresh Low As Inflation Rises, Possible Recession Looms – By Nicholas Morgan (IB Times) / June 24, 2022
Consumer sentiment in the United States sank further as more Americans’ pessimism in the face of stubborn inflation that has driven up costs for basic goods deepens.
On Friday, the University of Michigan published its monthly index on U.S. consumer sentiment and it found that attitudes have only grown more negative. According to the results, the June sentiment index fell from 58.4 in May to 50.0 — the lowest reading on record.
At the same time, the index for consumer expectations moved lower from 55.2 to 47.5 and the sentiment for current economic conditions fell from 63.3 to 53.8 in the last month.
Joanne Hsu, director of the survey, said that the declines in sentiment were seen across every group of Americans, regardless of factors like race, class or political affiliation. She added that 79% of consumers expect “bad times ahead” for business conditions, the worst seen since 2009 during the Great Recession. At the same time, Hsu noted consumers were at their most uncertain when it comes to inflation since at least 1991.
