US consumer sentiment is brightening significantly
Consumer sentiment surprisingly improved strongly in June. However, they still expect the inflation rate to increase in the coming months.
Although the inflation rate has recently weakened significantly, falling to 4%, the citizens of the United States are bracing for further increases in inflation.
Photo: David Paul Morris/Bloomberg
US consumer confidence improved surprisingly strongly in June. The University of Michigan announced Friday in its monthly poll that the measure rose to 63.9 points from 59.2 points in May. Economists polled by Reuters had only expected a rise to 60.0. Consumers assessed their situation better than in the previous month and also looked to the future with much more optimism than they had recently.
Although the inflation rate has recently weakened significantly, falling to 4.0%, US citizens are bracing for further increases in inflation: looking to the next 12 months, they expect inflation in goods and services to be 3.3%. But in May, consumers estimated it was 4.2%.
After raising interest rates ten times in a row, the Fed recently stopped fighting inflation and maintained the range from 5.0 to 5.25%. It wants to buy time to show more economic data. Financial markets expect the Fed to make a decision to raise interest rates again at its next meeting on July 26th.
Reuters
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