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Consumer confidence fell more than expected.
The University of Michigan’s final consumer sentiment index for June came in at 93.5
Economists were expecting it to tick down slightly to 94.1.
Previously, the preliminary results for June’s consumer sentiment came in at 94.3.
“Consumers were a bit less optimistic in late June due to rising concerns about prospects for the national economy,” the report said.
“While no recession is anticipated, consumers increasingly expect a slower pace of economic growth in the year ahead.”
Notably, the index has not seen huge fluctuations over the last 18 months.
“The stability in the overall Sentiment Index reflects a gradual improvement in assessments of current conditions being offset by a downward drift in the economic prospects,” the report added.