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Consumer sentiment at 93.5 in final June reading vs 94 expected

Customers browse clothing on display at a Costco Wholesale store in Naperville, Illinois,
Daniel Acker | Bloomberg | Getty Images
Customers browse clothing on display at a Costco Wholesale store in Naperville, Illinois,

A key measure of consumers' attitudes was lower than expected this month, showing that consumers had a slightly dimmer view of the economy even prior to Friday's stock market rout.

The Index of Consumer Sentiment hit 93.5 in June, the University of Michigan said Friday. Economists expected the index of consumer sentiment to hit 94 in June's final reading, down from 94.7 in May's final reading, according to a Thomson Reuters consensus estimate.

"While no recession is anticipated, consumers increasingly expect a slower pace of economic growth in the year ahead," Richard Curtin, the chief economist of the survey, said in a statement.

The normal interviewing schedule for the survey would have run from May 26 to June 22. It came on a day when U.S. stock markets opened sharply lower as the global economy digested Britain's departure from the European Union.

The monthly survey of 500 consumers measures attitudes toward topics like personal finances, inflation, unemployment, government policies and interest rates.

It showed a departure between consumers' assessment of the present and their view of the future.

The index of current economic conditions rose to 110.8 this month, compared to 109.9 in May. It was the highest since 2007, led by strength in consumer spending and personal finances.

Meanwhile, the index of consumer expectations fell to 82.4 in June, compared to 84.9 in May, reflecting a perceived volatile path for gross domestic product.

"The stability in the overall sentiment index reflects a gradual improvement in assessments of current conditions being offset by a downward drift in the economic prospects," Curtin said.