UMich Consumer Confidence Slips To 7-Month Lows As Hope Fades
by Tyler Durden
ZeroHedge.com
Jun 30, 2017
Despite modestly beating expectations, UMich consumer sentiment for June dropped to 95.1 – the lowest since Nov 2016 – led by a collapse in ‘hope’ for the future.
Inflation expectations for the medium-term fell very modestly but both short- and medium-term remain near record lows.
Personal finance expectations improved in June as did the percentage of Americans expecting higher incomes. However, the percentage of Americans who expect a comfortable retirement dropped notably… and the percentage of Americans who expect the country to have contonuous good times for the next 12 months also tumbled.
The survey shows a widening divide between how Americans view the current state of the economy and prospects for a potential extra boost from Congress and the White House, as lawmakers wrangle over health care and taxes. While 51 percent of all consumers reported recent improvement in their finances — the highest share since 2000 — Republicans are becoming less sanguine about the situation in Washington, according to the report.
For the first time since the election, a bigger share of consumers expected a downturn in the next five years than an uninterrupted expansion. Even so, the average level of sentiment in the first half was the best in 16 years, which supports the household spending that accounts for 70 percent of the economy.
THe Rest…HERE
