US consumer confidence little changed in June, University of Michigan says

(Sharecast News) - US consumer confidence was little changed come June despite high prices, the preliminary results of a closely followed survey revealed. The University io Michigan's consumer confidence index slipped from a reading of 69.1 for May to 65.6 in June (consensus: 72.0).

"Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes," said Joanne Hsu, the survey's director.

"Overall, consumers perceive few changes in the economy from May."

Inflation expectations for 12 months ahead were unchanged at 3.3%, which was above the 2.3-3.0% range observed over the two years before the pandemic.

Expectations for prices over the long-run meanwhile ticked up from 3.0% in May to 3.1%, against a pre-Covid-19 range of 2.2-2.6%.

-- More to follow --