Rising inflation continues to frustrate consumers, who are growing tired of shelling out more money -- and they are becoming increasingly despondent in the process
.Record gas prices helped push down the consumer sentiment index from 58.4 in May to 50.2 in June -- the lowest recorded level since the university started collecting consumer sentiment data in November 1952. The preliminary reading is comparable to the trough reached during the 1980 recession, wrote Joanne Hsu, director of the university's Surveys of Consumers. In May 1980, the sentiment reading hit 51.7, according to historical data.The final reading for June will be published on June 24.
Pedestrians carry shopping bags in San Francisco, California, on Wednesday, June 1, 2022. US consumer sentiment has sunk to its lowest levels on record, according to preliminary data released Friday by the University of Michigan. Despite this, Americans have continued to spend, the labor market has remained strong and unemployment is close to a half-century low.
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