Makhbubakhon Ismatova
U.S. consumers lowered their inflation expectations for the year ahead, but maintained their inflation expectations at the five-year horizon, The University of Michigan said Friday in its Surveys of Consumers report.
Year-ahead implied inflation: +3.0% vs. +3.3% initial print and +3.3% in May.
Five-year implied inflation: +3.0% vs. +3.1% initial reading and +3.0% prior.
“These expectations remain somewhat elevated relative to the 2.2-2.6% range seen in the two years pre-pandemic,” said Surveys of Consumers Director Joanne Hsu.
Consumer sentiment, meantime, slipped to 68.2 from 69.1 in May. The final June print, though, was stronger than the mid-month mark of 65.6.
Expectations Index: 69.6 vs. 67.6 initial estimate and 68.8 in prior month.
Current Conditions: 65.9 vs. 62.5 initial reading and 69.6 in May.