- Analysis: APEC Nations Back Face-Saving Climate Plan
- Shift Into High-Quality Stocks Could Move Market Higher
- China: Low US Interest Rates Threaten Recovery
- Drug Study Questions Effectiveness of Merck's Drugs
- Buffett: I Haven't Bought AMEX Shares in Years
- Military Arms Race Dominates Dubai Air Show
- Disaster Film '2012' Drowns Rivals at Box Office
- Cities With the Most Home Price Reductions
- Cramer: 5 Earnings Reports to Watch Next Week
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- U.S. Stocks Rally for the Second Straight Week
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- First Time Buyers Rescue Housing: Realtors
MOST SHARED
- U.S. May Wind Up Green With Envy
- Japan Third Quarter GDP Jumps; 2010 Growth May Slow
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- Disaster Film '2012' Drowns Rivals at Box Office
- For Investors, The New Green Looks To Be White
- Dipping Into Green Investing
- CNBC TRANSCRIPT: Warren Buffett & Bill Gates - Keeping America Great
- The Cost of Thanksgiving Dinner 2009
- Analysis: APEC Nations Back Face-Saving Climate Plan
Text Size 
U.S. consumer confidence fell more than expected in June, hitting another 28-year low as surging prices and mounting job losses sapped sentiment, according to a survey.
The Reuters/University of Michigan Surveys of Consumers also said five-year inflation expectations remained steady at the peak of 3.4 percent reached in May, which was the highest in 13 years.
Federal Reserve officials have focused on long-term inflation expectations in recent comments and the persistence of strong inflationary pressures heightens the dilemma they face of fighting price growth or supporting a flagging economy.
The Surveys of Consumers said the final June reading for its index of confidence fell to 56.4 from May's 59.8. The June reading is the lowest since 51.7 in May 1980, which was also the lowest reading ever.
The index dates back to 1952, though the survey has been conducted since 1946. Economists had expected a reading of 57.0, according to a Reuters poll. Their forecasts ranged from 55.9 to 60.0.
The final June result is slightly below the preliminary figure of 56.7 released on June 13.
One-year inflation expectations declined to still-elevated 5.1 percent from May's 5.2 percent. May's one-year inflation expectations reading was the highest since 5.2 percent in February 1982.
The index of consumer expectations fell to 49.2 in June -- its lowest since May 1980. This was down from May's 51.1.
Meanwhile, the index of current personal finances fell to 69 in June -- the lowest on record -- from 80 in May.
Print
Email
- Where, what, how.
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
Data is a real-time snapshot *Data is delayed at least 15 minutes