Consumer Sentiment Hits Highest Level Since January

U.S. consumer sentiment increased 5.2 points (8.8%) in June to a reading of 64.4, according to the University of Michigan’s Surveys of Consumers. Consumer sentiment jumped 28.8% from June 2022 to the highest level since January. Surveys of Consumers Director Joanne Hsu said, “Overall, this striking upswing reflects a recovery in attitudes generated by the early-month resolution of the debt ceiling crisis, along with more positive feelings over softening inflation. Views of their own personal financial situation were unchanged, however, as persistent high prices and expenses continued to weigh on consumers. Year-ahead inflation expectations receded for the second consecutive month, falling to 3.3% in June from 4.2% in May. The current reading is the lowest since March 2021. Long-run inflation expectations were little changed from May at 3.0%.” Read more from Pro Farmer.