"… the overall level of consumer sentiment is substantially above last summer's low"
- Richard Curtin, professor at the University of Michigan
U.S. consumer confidence deteriorated in June to the lowest level this year as Americans became less optimistic on the economic outlook. The Thomson Reuters/University of Michigan final index of sentiment fell to 73.2 from 79.3 in May.
"While the overall level of consumer sentiment is substantially above last summer's low -- which would normally indicate a growth slowdown, not a downturn -- the buying plans of upper-income households have also sharply declined," survey director Richard Curtin said in a statement.
"Since these households account for a large share of total spending, if the declines continue in the months ahead, it could have a substantial impact on total spending."
© Dukascopy Bank SA