Consumer Sentiment Slips as Optimism About Employment, Housing Fades

Friday, 14 Jun 2013 10:08 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

U.S. consumer sentiment retreated this month after reaching its highest in nearly six years in May, a survey released on Friday showed, as household optimism about employment and housing faded slightly.

The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment fell to 82.7 in June, below a near six-year high of 84.5 in May. Economists polled by Reuters had expected it to hold at 84.5 this month.

June's reading, however, was the second highest in the last eight months, suggesting Americans were far from gloomy about their long-term prospects.

Editor’s Note: Put the World’s Top Financial Minds to Work for You

While the barometer of current economic conditions fell to 92.1 from 98.0, a gauge of consumer expectations edged up to its highest since November at 76.7 from 75.8.

Confidence eroded most among lower-income households, which were "more likely to report worsening overall financial prospects" than higher-income households, survey director Richard Curtin said in a statement.

But he added that "all consumers were less optimistic about job prospects in early June, expected smaller gains in the value of their homes and judged the probability of stock price increases somewhat below last month's level."

The stock market has struggled in the first few weeks of June amid fear that the Federal Reserve might start scaling back its aggressive stimulus program. But the S&P 500 is still up nearly 15 percent this year, and housing prices in major metropolitan areas have been rising since early 2012.

The survey's one-year inflation expectation rose to 3.2 percent from 3.1 percent, and the survey's five-to-10-year inflation outlook move to 3 percent from 2.9 percent.

Editor’s Note: Put the World’s Top Financial Minds to Work for You

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Consumer Confidence Falls as Hope Fades for Jobs, Economy

Tuesday, 25 Nov 2014 10:37 AM

Consumer confidence unexpectedly declined in November to a five-month low as Americans became less upbeat about the econ . . .

Case-Shiller: Home Prices Rise at Slowest Pace in Over 2 Years

Tuesday, 25 Nov 2014 09:30 AM

U.S. home prices rose in September at the slowest pace in more than two years, reflecting modest sales gains and a risin . . .

Economy Grows at 3.9% Rate, Stronger Than Initial Estimate

Tuesday, 25 Nov 2014 08:38 AM

U.S. economic growth was far stronger than initially thought in the third quarter, pointing to strengthening fundamental . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved