Consumer sentiment declined in June as expectations about the economy fell, according to the Thomson Reuters/University of Michigan survey released Friday.
The consumer-sentiment gauge fell to 71.5 at the end of June from 74.3 in May.
A preliminary June reading had pegged sentiment at 71.8.
The sentiment reading, which covers how consumers view their personal finances, as well as business and buying conditions, averaged about 87 in the year before the start of the most recent recession. Economists surveyed by MarketWatch had expected a final reading of 72, with sentiment weighed down by weak employment data and lower stock prices, offsetting lower gas costs.
The expectations barometer declined to 64.8 in June from 69.5 in May, while the gauge of current economic conditions ticked higher to 82 from 81.9.
One-year inflation expectations fell to 3.8% from 4.1%.
Earlier this week, a separate report showed that consumer confidence fell in June to the worst level in eight months on concerns about employment and income.
The Conference Board’s consumer-confidence index fell to 58.5 in June from an upwardly revised 61.7 in May.
Generally when the economy is growing at a good clip, confidence readings are at 90 and above.
The Conference Board’s report is more sensitive to the labor market, while the Michigan sentiment reading is more sensitive to financial markets.
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