By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch) — A gauge of consumer sentiment fell to 71.8 in early June from 74.3 in May, on a decline in readings of both current conditions and expectations , according to the Thomson Reuters/University of Michigan survey released Friday.
Economists surveyed by MarketWatch had expected the June reading to decline to 73.5 on concerns about stock volatility. The sentiment reading, which covers how consumers view their personal finances, as well as business and buying conditions, averaged about 87 in the year before the start of the most recent recession.
The gauge of current economic conditions declined to 79.6 in June from 81.9 in May, while the expectations barometer fell to 66.8 from 69.5.
Meanwhile, one-year inflation expectations declined to 4% from 4.1%, while the inflation outlook for five to 10 years rose to 3% from 2.9%.
