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Consumer sentiment slumps to record low: University of Michigan (May: 58.4, June: 50.2)
Consumer sentiment slumps to record low: University of Michigan, Yahoo Finance, 6/10/22
Consumers sentiment fell to its lowest-ever recorded level in early June, with rising prices at the pump especially weighing on Americans' wallets.
The University of Michigan's preliminary June consumer sentiment index dropped to 50.2, or an all-time low since the institution began tracking the data. This followed May's index reading of 58.4, and missed estimates for 58.1, according to Bloomberg data.
"Consumer sentiment declined by 14% from May, continuing a downward trend over the last year and reaching its lowest recorded value, comparable to the trough reached in the middle of the 1980 recession," Joanne Hsu, director of the Surveys of Consumers for the University of Michigan, said in a statement.
"Consumers' assessments of their personal financial situation worsened about 20%," Hsu added. "Forty-six percent (46%) of consumers attributed their negative views to inflation, up from 38% in May; this share has only been exceeded once since 1981, during the Great Recession."
Hsu also noted that half of all surveyed consumers mentioned gas unprompted in their interviews, up from 30% in May.
Consumers sentiment fell to its lowest-ever recorded level in early June, with rising prices at the pump especially weighing on Americans' wallets.
The University of Michigan's preliminary June consumer sentiment index dropped to 50.2, or an all-time low since the institution began tracking the data. This followed May's index reading of 58.4, and missed estimates for 58.1, according to Bloomberg data.
"Consumer sentiment declined by 14% from May, continuing a downward trend over the last year and reaching its lowest recorded value, comparable to the trough reached in the middle of the 1980 recession," Joanne Hsu, director of the Surveys of Consumers for the University of Michigan, said in a statement.
"Consumers' assessments of their personal financial situation worsened about 20%," Hsu added. "Forty-six percent (46%) of consumers attributed their negative views to inflation, up from 38% in May; this share has only been exceeded once since 1981, during the Great Recession."
Hsu also noted that half of all surveyed consumers mentioned gas unprompted in their interviews, up from 30% in May.
Source: (No more on this subject): https://finance.yahoo.com/news/stock-market-news-live-updates-june-10-2022-111928913.html
The above link includes all of the market-related news for Friday June 10, which was a bloodbath in the stock market.
The S&P 500, Dow and Nasdaq dropped sharply following the print. The S&P 500 sank by 2.9% during the session, and by more than 5% since last Friday to post its worst weekly performance since January. The index ended just a hair above 3,900, or its lowest level in about three weeks. The Dow sank by 880 points, or 2.7%, and the Nasdaq Composite dropped 3.5% by the end of Friday's session.
S&P 500 is down 18.7% from its Jan 3 all-time-high (bear markets begin at 20% down)
Also at the above link is the inflation news. At DU's LBN the links are:
https://www.democraticunderground.com/10142928101
https://www.democraticunderground.com/10142928111
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