US: UoM Consumer Confidence Index slides to 98.2 in June vs 98 expected
|- The UoM's survey showed consumer sentiment weakened in June.
- Current Economic Conditions Index improved slightly in the same period.
- US Dollar Index continues to fluctuate in its daily range.
Following May's reading of 100, the University of Michigan's Index of Consumer Sentiment came in at 98.2 in its final reading for June and surpassed the market expectation of 98. Despite the deteriorating confidence, the Current Economic Conditions Index improved to 111.9 in June from 100 in May.
"June's small overall decline was entirely due to households with incomes in the top third of the distribution, who more frequently mentioned the negative impact of tariffs, cited by 45%, up from 30% last month," said Surveys of Consumers chief economist, Richard Curtin. "Most of the June slippage was concentrated in prospects for the national economy, with the unemployment rate expected to inch upward instead of drifting downward in the year ahead."
The greenback largely ignored the data and the US Dollar Index was last seen losing 0.12% on the day at 96.10.
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