The University of Michigan/Reuters consumer sentiment index fell to its lowest levels since 1980, as high fuel and food prices, along with falling home values, weighed on expectations. The index fell to 59.5 from 62.6 in the month of May. Economists were expecting a reading of 61.0.
The expectations index also fell to levels not witnessed in over 18 years. The index came in at 51.7, down from 53.3 in the month of May. One-year inflation expectations rose to 5.2%, the highest level in 26 years.
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