Consumer sentiment cratered in early June to the lowest on record as inflation accelerated to the worst level in 41-years.
, down from a May reading of 58.4. Economists polled expected the gauge to hold steady after declining sharply a month earlier.
The 14 percent decline is comparable to the trough hit in the 1980 recession, according to the survey’s director, Joanne Hsu. Both the reading of current conditions and expectations for the future fell sharply. The current conditions index fell to 55.4 from 63.3 at the end of May. The expectations gauge crashed to 46.8 from 55.5.Americans’ expectations for inflation over the next year jumped to 5.4 percent in June from 3.3 percent in the first weeks of June.
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