The University of Michigan’s preliminary June consumer sentiment index declined to 56.7, from 59.8 in May, 59.5 earlier in the month, and the final April 62.6 reading, according to market sources.
The reading is the lowest since the index fell to 51.7 in May 1980, the lowest reading ever posted for the index.
Economists polled by IFR Markets had predicted a 59.8 reading for the index.
The expectations index was 49.0 compared to 51.1 last month, 51.7 earlier in May, and 53.3 in April. The index was at its lowest point since May 1980.
The current conditions index was 68.7 compared to 73.3 in May, 71.7 earlier in May, and 77.0 in April.
The five-year inflation expectation index was 3.4% in June, unchanged from the final May and up from 3.3% earlier in May and 3.2% in April, while the one-year inflation expectation index was 5.1% in June, up from 5.2% in May, 5.2% earlier in the month, and 4.8% in April.
The University of Michigan index is not released to the press but only to paying subscribers.