University of Michigan's Sentiment Survey showed that expectations fell in June (preliminary) data from 16 years highs, weighing down the headline index modestly as current conditions ticked up.
“Consumer sentiment reversed the May gain due to tariffs as well as slowing gains in employment,” Richard Curtin, director of the University of Michigan consumer survey, said in a statement.
However, despite the headline decline, buying conditions for homes, cars, and appliances spiked in June...
And finally, and perhaps most dramatically, longer-term inflation expectations declined to 2.2% from 2.6% in May, the lowest since the survey began.
Negative mentions of tariffs were spontaneously made by 40% of respondents, up from 21% in May, the report said.
Notably, interviews in the Michigan survey were conducted May 29 to June 12 - that spanned the days during which Trump threatened to place tariffs on all Mexican goods and later announced an agreement on migrants called off those proposed levies....