Consumer Sentiment Index in the United States decreased 14% on a monthly basis to 50.2 points in June, landing at a record low, according to a preliminary report published by the University of Michigan on Friday. The index plummeted 41.3% year-over-year.
The Current Economic Conditions Index fell by 12.5% month-on-month and nosedived 37.5% compared to June 2021. Meanwhile, the Index of Consumer Expectations was down 15.2% from the previous month and dropped 44% on an annual basis.
"Forty-six percent of consumers attributed their negative views to inflation, up from 38% in May; this share has only been exceeded once since 1981, during the Great Recession. Overall, gas[oline] prices weighed heavily on consumers, which was no surprise given the 65 cent increase in national gas prices from last month," Surveys of Consumers Director Joanne Hsu wrote in the report.