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US consumer sentiment falls for third month on concerns about persistent inflation

By Christopher Rugaber - Jun 14, 2024, 10:34 AM ET
Last Updated - Jun 14, 2024, 10:34 AM EDT
Consumer Sentiment
Shoppers consider rug samples on display in a furniture store Sunday, June 2, 2024, in Lone Tree, Colo. On Friday, June 14, 2024, the University of Michigan releases its preliminary reading of consumer sentiment for June. (AP Photo/David Zalubowski)

U.S. consumer sentiment fell in June for the third straight month as Americans took a dimmer view of their own finances and worried about persistent inflation

WASHINGTON (AP) — U.S. consumer sentiment fell in June for the third straight month as Americans took a dimmer view of their own finances and worried about persistent inflation.

The University of Michigan’s consumer sentiment index, released Friday in a preliminary version, dropped to 65.6 this month from a final reading of 69.1 in May. June's reading is about 30% higher than the bottom reached in June 2022, when inflation peaked at a four-decade high, but is still below levels typically associated with a healthy economy. Consumers’ outlook has generally been gloomy since the pandemic and particularly after inflation first spiked in 2021.

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Consumer spending is a crucial driver of growth. Sour sentiment about the economy is also weighing on President Joe Biden’s reelection bid.

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