Surveys of Consumers chief economist, Richard Curtin noted despite a slight decrease in consumer sentiment in late June, it improved by 3.1% from May.
- The gains in consumer sentiment were attributable households with incomes higher than $100,000 and their positive outlook on the economy.
- Consumers were still concerned with inflation, unemployment and changes to the interest rates. In June, the inflation expectations dropped slightly to 4.2% as consumers also believed the increase in prices was temporary.
- 56% of the U.S. consumers were expecting the unemployment rate to decline, the largest percentage ever recorded in the history of the surveys.
As many consumers were optimistic about the potential end of the pandemic, some were concerned by the risks posed by the emerging covid variants.
DJI gains +0.66%
Source: Surveys of Consumers.