Forex - UMichigan/Reuters Sentiment Survey continues to fall. | CountingPips Forex & Currency Trading Blog

June 27, 2008 - Forex Economic News

UMichigan/Reuters Sentiment Survey continues to fall.

The finalized consumer sentiment survey by the University of Michigan and Reuters surpassed its lowest level in over 26 years in June. The consumer sentiment survey fell to a 56.4 score in June after a score of 59.8 in May according to the report released today. Richard Curtin, Director of the Reuters/UMichigan Surveys, commented in the report that, "Surging gas prices, high food prices, disappearing jobs, declining home values, and record foreclosures were cited by consumers as the basis for their pessimism, and most consumers expected each of these problems to continue to worsen in the months ahead." The expectations index, which measures future economic sentiment, declined from 51.1 in May to 49.2 in June. The current conditions index, which measures current economic sentiment, declined from 73.3 in May to 67.6 in June. The 1-year inflation reading declined a bit from 5.2 in May to 5.1 in June while the 5-year inflation reading stayed unchanged at 3.4. The preliminary release for July will be released on July 11th.

Tags: umichigan consumer sentiment, consumer confidence

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