Americans are feeling less certain about their personal finances, according to preliminary results from the University of Michigan Surveys of Consumers June report.

Consumers have “modestly rising concerns over high prices as well as weakening incomes,” according to the survey, but otherwise their opinions held steady.

What You Need To Know

  • Consumer sentiment is holding steady, according to preliminary results frmo the University of Michigan Surveys of Consumers June report

  • Consumers have modestly rising concerns over high prices as well as weakening incomes

  • Sentiment about inflation in the coming year was the same as May

  • Survey respondents said they expect inflation to be about 3.3% in the coming year

Consumer sentiment about inflation in the coming year was the same as May, with Americans expecting inflation to be about 3.3%. Prior to the pandemic, consumer sentiment about year-ahead inflation was 2.3% to 3%.

Expectations about inflation longer term increased slightly from 3% in May to 3.1% in June.

“The June reading should be interpreted as essentially unchanged from May,” Surveys of Consumers Director Joanne Hsu said in a statement Friday. “Long-run inflation expectations have been remarkably stable over the last three years but remain elevated relative to the 2.2 to 2.6% range seen in the two years pre-pandemic.”

In May, consumer sentiment fell 10% after holding steady for the previous three months. Sentiment is about 20% higher than it was a year ago and 40% higher than its all-time low in June 2022 when inflation was peaking.