Consumer attitudes soured in June as U.S. consumer sentiment slid to a seven-month low, a new report showed on Friday, though still rising slightly above economists’ expectations.
U.S. consumer sentiment fell to 95.1 in June, sinking 2.1 percent from May and hitting the lowest level since November 2016. Economists expected the measure of consumer attitudes to fall further to 94.5, according to a survey from Thomson Reuters.
Consumer sentiment remained relatively stagnant in May at 97.1, a 0.1 point increase from April. A Thomson Reuters survey of economists expected the index to grow to 97.5 in May.
Still, consumer sentiment is holding on to historical highs in the first half of 2017. The first six months of the year yielded the highest average for the index since the second half of 2000, according to Richard Curtin, chief economist for the survey, in a press release.
While uncertainty in the economy remains high, Curtin said, it “has thus far been offset by the resurgent strength in the personal financial situation of consumers.”
The monthly survey by the University of Michigan measures 500 consumers’ attitudes toward topics such as personal finances, inflation, unemployment, government policies and interest rates.
Consumer sentiment over 10 years (source: University of Michigan)