UMich Sentiment Bounces Off Record Low In June, Inflation Fears Fade
The story
After reaching all-time record lows in May, analysts expected UMich's Sentiment index to rebound modestly in preliminary June data and it did, up from 44.8 to 48.9 (well above 46.0 exp), with consumers experiencing some relief due to the early-month easing in gasoline prices.
Source: Bloomberg
"This measured improvement in sentiment was widespread, seen across age, education, and political party," said Surveys of Consumers Director Joanne Hsu, adding that "lower-income consumers exhibited a particularly strong sentiment increase, consistent with the fact that gasoline comprises a larger share of their budgets."
Well that will wreck the Democrats narrative...
Inflation expectations dropped in this early June data...
Once again we are confused because while the headline UMich inflation expectation over the next year declined, all political parties saw higher expectations (and Independents now have a higher inflation expectation that Democrats while Republican expectations are rising)...
Are they just making this shit up?
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