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It’s almost (actually) summer, and the temperature isn’t the only thing rising.
Consumer sentiment finally ticked up in June, according to the latest University of Michigan survey. Perhaps you recall: This hasn’t exactly been the norm lately, as tariff worries dragged it down.
Now, things are…turning a corner? Maybe? Kind of?
June’s reading marks the first time consumer sentiment improved in six months. The preliminary reading for the month came in at 60.5, up from 52.2 in May. That was also above the 54.0 expected from economists the Wall Street Journal polled.
“Consumers appear to have settled somewhat from the shock of the extremely high tariffs announced in April and the policy volatility seen in the weeks that followed,” Joanne Hsu, the survey’s director, said in a statement. “However, consumers still perceive wide-ranging downside risks to the economy,” she added, citing persistently negative views on “business conditions, personal finances, buying conditions for big ticket items, labor markets, and stock markets.”
In the year ahead, consumers anticipate 5.1% inflation, down considerably from the 6.6% they anticipated last month. “Long-run inflation expectations fell for the second straight month,” she said, down to 4.1% in June from 4.2% in May. Those two readings mark the lowest in three months.
While Hsu noted that consumer fears about tariffs impacting future inflation have softened, she stressed that “inflation expectations remain above readings seen throughout the second half of 2024, reflecting widespread beliefs that trade policy may still contribute to an increase in inflation in the year ahead.”