Reflecting concerns about future economic prospects, the University of Michigan released a report on Friday showing a modest decrease by its reading on U.S. consumer sentiment in the month of June.
The report said the preliminary reading on the consumer sentiment index for June edged down to 94.3 compared to the final May reading of 94.7. Economists had expected the index to dip to 94.0.
The modest decrease by the consumer sentiment index came after it reached its highest level since June of 2015 last month.
"The strength recorded in early June was in personal finances, and the weaknesses were in expectations for continued growth in the national economy," said Richard Curtin, the survey's chief economist.
The decrease by the headline index came as the index of consumer expectations fell to 83.2 in June from an eleven-month high of 84.9 in May.
On the other hand, the University of Michigan said the current economic conditions index rose to 111.7 in June from 109.9 in the previous month, reaching its highest level since July of 2005.
With regard to inflation, the one-year inflation outlook held at 2.4 percent in June, while five-year inflation expectations fell to 2.3 percent from 2.5 percent.
by RTT Staff Writer
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