U.S. Consumers Express a Stable Mood -- University of Michigan

By Joshua Kirby

U.S consumers felt no more optimistic this month, despite a continued easing of inflation.

The final reading of the University of Michigan's consumer-sentiment index was 68.2 in June, down from 69.1 in May, according to the survey released Friday.

The reading was better than economists' expectations and above the mid-month estimate, marking a "statistically insignificant" decline that points to stability in sentiment, the university said. Concerns around inflation, which has dogged U.S. consumers in recent years, are beginning to ease, though respondents continue to note the effect of high prices, survey director Joanne Hsu said.

"These trends offset the improvements in the short- and long-run outlook for business conditions stemming in part from expectations for softening interest rates," Hsu said.

Core inflation, measuring a basket of consumer prices that strips out energy and food, eased compared with a month earlier, according to the Federal Reserve's preferred measure updated Friday.

Write to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

06-28-24 1033ET